Know the Credit Score Before You Get the Mortgage
9:28 AM Posted by Jason
Buying a home is an exciting things but the saddest part is that the path leading to it, doesn’t run smoothly. One of the many things that one should know is what category of mortgage you should get permitted for?
Checking your mortgage credit score online, you'll instantly compare where you are standing and measure up to the national average of 680 points. You'll be able to see just what kind of mortgage you can obtain.
This information will make you know what your banks will endorse you for. You can tell how much you can collect in favor of home loan, what charge you should get agreed upon, and what your monthly mortgage fee will be.
These are valuable information to buy a home for this is the way to know about your payment structure according to your home loan, which depends upon the quality of your house. Apart from this if your score is lower than you assumed, you have to make a down payment.
Knowing this beforehand you can boost your ranking before the lender got to see it. Things will ultimately fall according to your strategy.
June 17, 2009 at 3:17 AM
I find that the most common question for mortgage brokers in the uk get are... How do I understand my score?
We mainly use experian or equifax and a consumer is seeing 1000100010001 against each line of credit and its very difficult to dechipher.
For example some mortgage lenders will take 1 default in the last 6 months but not 3 defaults in the last 12 months. How is a consumer going to understand this from all of the 1's and 0's ?
Anyway, nice post and look forward to reading more