Buy now, pay later services that allow consumers to make purchases and spread the cost of items over several interest-free instalments have grown in popularity over the past few years. However, for homebuyers, there might be risks that they are not aware of.
When lenders assess your ability to borrow, they are going to take a very close look at your entire financial situation. If you’ve been using buy now pay later services, there might be some red flags that could hurt your application.
Here are four things to consider if you're a home buyer.
It's important to review your home loan regularly to ensure it still meets your needs. Working with a mortgage broker can help make the process easier.