Once you have identified your credit score and addressed any credit issues, it’s time to evaluate what you can afford. That’s why it’s important to speak to a loan officer early in the process to confirm your credit score and address any potential issues with your credit report. Since the factors that make up a credit score are constantly fluctuating, a score can change frequently. It is ideal to keep a balance of 40% or less of the maximum credit limit. Do not “max out” your credit accounts.When opening a new line of credit or credit account, a new inquiry will be added to your credit report. Try to avoid applying for new credit unless necessary.Tips that may help you maintain a good credit score: Your credit score greatly impacts your home loan options. The credit reporting company then compiles a credit report for the lender, which includes a numerical score - usually called a credit score. The lender will request a credit score from all three bureaus Equifax, Experian, and TransUnion, through a credit reporting company. When applying for a mortgage, your mortgage lender will need to determine your credit score. The loan process changes a bit depending on whether you are buying or refinancing a home as well as which loan program you’re pursuing. Finalize your application and lock your interest rate.Begin collecting the required paperwork.Find the perfect home and negotiate a contract to purchase.
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