Best Mortgage Advice Do Your Homework
by Sara
(Port Richey, FL, USA)
The best mortgage advice is CHECK YOUR CREDIT REPORT FIRST!!!! First-time buyers seeking to mortgage their first homes, as soon as you start to consider purchasing a home, you should get a copy of your credit report and take action on it.
That action might be paying off an ancient debt that you have completely forgotten about, or filing a dispute over an item that never should have been on your report in the first place.
I did not do this before I met with lenders for my first mortgage, and as a result I got turned down. Surprises are not a good thing when you're meeting with someone who could approve your loan.
Also, once your potential lender has seen your original report, they are not easily swayed if you suddenly make changes after that. It makes you look irresponsible to them. If you have no major loans in your past, such as a home loan, all they have to go by are the smaller debts you have incurred such as car loans, credit cards, even book club memberships.
So my advice is to do your homework and get your credit record in shape before you let lenders have a look at it.
There are ways to get a copy of your credit report for free through a new government act, or you could try out one of the many online credit report monitoring services.
So, again, just do your homework before you start meeting with lenders. It could make a huge difference.
Homework Assigment...Get Credit Report
Dear Sara,
Thanks for your best mortgage advice. Sharing your experience will help first time buyers and many homeowners who need to refinance soon.
Discover
How To Fix A Credit Score Fast. Check back often as I am adding more tips for credit help and sources to obtain credit reports soon.
P.S. Go to my
Best Mortgage Rate Blog, an entertaining source of mortgage information. Subscribe now to the RSS feed.
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