How Your Credit Report Impacts Your Mortgage Application
Before you even meet with a mortgage lender, you should get copies of your credit reports and review them. One of the first things a mortgage lender will do when you ask for a mortgage loan is to order a copy of your credit report. As part of the credit report, lenders often get a credit score. A credit score is a computer-generated number that tells them how likely you are to repay your debts. It’s important to improve your credit score as much as possible to qualify for the best interest rate available.
Whether you're a first-time buyer or a seasoned homeowner looking to move up to a bigger or better house, how you have managed your consumer credit rating can have a real impact on both the amount and terms of your next mortgage.
Naturally, if you have kept your credit use reasonable and always paid your bills on time, you will most likely have very few difficulties obtaining a mortgage loan. But what if you are one of the many Americans whose credit report is less than perfect?
Contrary to popular belief, it is not impossible to obtain a mortgage with an imperfect credit rating. After all, mortgage lenders are in the business of providing loans, and have it in their interest as well as yours to find an appropriate way to finance your home purchase
The Benefits of A- Credit Mortgage:
Your loan process is likely to go smoother.
The interest rate and closing cost a far less.
Choice of programs, more options.
Higher borrowing authority. Up to 125% LTV is available on some programs.
Multiple property owner, purchase an investment property.
Less shopping to find lenders, there are more choices.
<BACK
|
