Mortgages and Your Credit
Understanding your credit
Do you know your score? It will effect your mortgage rate. If you do not know your score when you begin to shop for a mortgage they will run a credit report and let you know. Your credit score will be used to determine your mortgage rate. If you fear your credit score will hurt your chances of obtaining a mortgage your mortgage professional can offer suggestions on ways to improve your credit score. Depending on your circumstances you may be able to improve your score rather quickly.
When applying for a loan or buying a home
Whether you are considering buying a home or already shopping for homes there are a few very important things to keep in mind about your credit. Now that you are looking for a bank to lend you money to purchase a home keep your credit stable. Do not make any large purchases, continue to pay your bills and do not move your money around. You mortgage professional should advise you of these items and perhaps suggest a few others. It would be wise to ask your mortgage professional or real estate agent if you have any questions. You could potentially disrupt your home purchase by celebrating the fact that the home you are about to purchase has a two car garage and now you wish to purchase a new car. By running out and getting a new car loan your mortgage loan for the home with the two car garage may now have new terms. Wait to buy the new car until you have moved in!
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