Retail Payment Installments Can Affect Mortgage Loan Approvals
If you've made any recent online purchases, you've probably seen the option at checkout to "Pay in four interest-free installments!" This is a common payment option known as Buy Now, Pay Later (BNPL). BNPL for online transactions has grown in popularity in recent years and has even been made available for use at some brick-and-mortar stores.
Although these options seem harmless, there can be an impact if you utilize them while applying for a mortgage. As these services become more widely available, it's important to understand how they can impact your mortgage loan application.