Planning to take a mortgage

[Michael Rivera]

Hi,

I would like to get some advice regarding buying a home with the help of a mortgage. I have been living in a rented home. Now, my wife and I wish to buy our own condo.

I recently changed my job and I have a higher income now. So we can afford a mortgage at this moment.

I was just looking at the current mortgage rates to get an idea about the present market situations.

I have a query regarding this.

I had a car loan and I had failed to make a monthly payment. Because of that, my credit score had come down. But later I paid off everything and I am debt free now. I am worried if this will cause a hindrance for this home loan that I am planning to take.

Since I had failed to make a payment, will the lenders decline to give me a mortgage? And is it better to approach a bank or a mortgage broker? Which would be a better option?

Any reply would be greatly appreciated. Thank you so much.