RELODENVER
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RELOCATION
101
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RELODENVER
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information about ReloDenver and The Kearns Team.
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HOW
IMPORTANT IS MY CREDIT HISTORY?
When a lender looks at your
overall financial profile, your credit rating is an important consideration
in qualifying for a home mortgage. If you have a history of paying your
monthly obligations on time, that's a signal to a lender that you are
likely to make your monthly mortgage payments on time as well.
So your credit or "FICO"
score can be a factor in the kind of mortgage program you may qualify
for.
Click
for Tips on How to Improve Your Credit Score
Your credit history can also
affect the amount required for a down payment, the amount of money you
can borrow in relation to your income, or even the interest rate you are
offered. But keep in mind that even if you have no established credit
history or less-than-perfect credit, there are still loan programs that
can help you buy a home.
If you haven't done it already,
our Mortgage Partners can
help you get a copy of your credit report. And here are some steps you
can take to establish or improve your credit rating:
- If you've always paid cash
or used checks to make purchases and haven't established a credit record,
it's a good idea to do so before you buy a home. You can use credit
to purchase low-priced items, make one or two prompt minimum payments
and then pay off the balance.
- Some loan program guidelines
allow "alternative" credit records. If you have a limited
credit history, your paid receipts and canceled checks for rent and
utility payments can help you document a pattern of paying your monthly
obligations on time.
- If you already have outstanding
loans or credit card debts, try to pay off as many as possible. The
amount of monthly debt you are responsible for paying reduces the amount
of money mortgage underwriting guidelines will allow you to spend on
housing each month.
- Did you know that even
if you are a consistent, on-time bill payer, you can damage your credit
rating if you have a lot of credit cards with large credit lines? Even
if you don't use certain cards, or the full amount of your credit line
on others, just having them can lower your credit score! You may want
to close some accounts before you apply for your mortgage.
Mortgage
Home Page
How
Much Mortgage Can I Afford?
What
about closing costs?
How large of a loan can I be approved
for?
What does my mortgage payment include?
What are my possible financing choices?
Loan shopping tips!
Get Pre-Qualified!
For more information,
please call Diana at ReloDenver at (303) 598-2076, or e-mail
us today! |
