One of the rather large factors that is considered when it comes to mortgage loans is the credit of the borrower. Given the current lending crunch, your score has never been more important.
What is your credit all about? Simply put, it is your financial foot print. It tells people what you do with your money and how you handle it. Nearly all of us have been entrusted with credit cards in one form or another. Our credit reports show how we each go about using those cards in regard to total balances and if we pay them back as well.
Another important factor in your credit has to do with substantive debt. Obligations and repayment histories for things such as homes, cars and student loans get a lot of attention from lenders. These are long, fixed repayment periods that reveal much about a borrower. Should you show signs of late payments or defaults, it tells the lender you are a huge risk.
Applying for a mortgage is akin to running for President. The mortgage lender is going to act like an investigative report and really give you the once over. When it comes to reviewing your credit, the last two years are going to be vital. If you have late payments or problems, you need to get them repaired.
Ah, but my credit is perfect! Well, maybe it is in your mind, but what about your credit report? The big three credit agencies freely admit they have a hard time keeping things straight. Nearly half the people with credit have errors on their reports. These errors can lead to denials on mortgage applications. The first step to major credit repair is to simply order your report and review it. You might be shocked at what you see.
If you have more substantive credit issues, you can take additional steps. First, you can contact the negative reporter and try to come to some resolution. Second, you can put an explanation on the report for each negative issue. Third, you can hire a professional credit repair service to deal with it.
For most people, the important step is to merely go ahead and order a copy of the credit report. The resulting report can lead to stunning discoveries.
What is your credit all about? Simply put, it is your financial foot print. It tells people what you do with your money and how you handle it. Nearly all of us have been entrusted with credit cards in one form or another. Our credit reports show how we each go about using those cards in regard to total balances and if we pay them back as well.
Another important factor in your credit has to do with substantive debt. Obligations and repayment histories for things such as homes, cars and student loans get a lot of attention from lenders. These are long, fixed repayment periods that reveal much about a borrower. Should you show signs of late payments or defaults, it tells the lender you are a huge risk.
Applying for a mortgage is akin to running for President. The mortgage lender is going to act like an investigative report and really give you the once over. When it comes to reviewing your credit, the last two years are going to be vital. If you have late payments or problems, you need to get them repaired.
Ah, but my credit is perfect! Well, maybe it is in your mind, but what about your credit report? The big three credit agencies freely admit they have a hard time keeping things straight. Nearly half the people with credit have errors on their reports. These errors can lead to denials on mortgage applications. The first step to major credit repair is to simply order your report and review it. You might be shocked at what you see.
If you have more substantive credit issues, you can take additional steps. First, you can contact the negative reporter and try to come to some resolution. Second, you can put an explanation on the report for each negative issue. Third, you can hire a professional credit repair service to deal with it.
For most people, the important step is to merely go ahead and order a copy of the credit report. The resulting report can lead to stunning discoveries.