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Some Tips About Credit Before You Apply For A Mortgage Loan
Some Tips About Credit Before You Apply For A Mortgage Loan
Here are some tips about credit that can and should be considered before applying for a home mortgage. I talk to a good many folks who want to buy a home who have either have applied for a home loan and ran into an obstacle, or they just want to be prepared.
 
Why is your credit score when you apply for a home loan so important? It is important in that some programs require a minimum credit score to qualify and your score can affect the rate you ultimately receive.
 
Every situation is different but as a rule some things will affect your credit score that may not be obvious. Most folks are aware having inquiries on your credit can drop your score. Opening up a new line of credit, closing a line of credit and paying off collections can  have a negative impact on your score as well.
Paying down balances or paying off credit cards can have a positive effect on your score. The single biggest thing I see affecting credit scores is that applicants are utilizing so much of their available credit. If you have a revolving line of credit that has ... more

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