Want to buy a house?
Are you prepared to answer the credit question? Your definition of poor, fair, good and excellent will undoubtedly be different from the next person. And that is why there is a credit scoring system utilized by the three major credit reporting agencies. When you are in the market for a new home, you should become very aware of your credit situation, regardless of where it lies in the spectrum.
By speaking with an educated Mortgage Consultant, you will learn where you stand in relation to the lenders guidelines and pricing. Not only will you know your credit scores (all three of them), but, how you got to that score. Many factors determine the final number, and you should be made aware of them in detail. Buying a home can be a quick process that doesn't require a credit adjustment; However, in some cases the time it takes to go from the contract negotiation to settlement allows for time to improve your credit rating. You can always improve your scores, and it may improve your loan terms!
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