Are you looking for a mortgage for a new home? Trying to qualify for a new mortgage can be very tough nowadays. This is especially true if you don’t know your credit score and the possible affect it might have on your ability to be approved for a mortgage you can afford. One of the first things any lender looks at to determine if you are indeed credit worthy for a mortgage is your credit report score, or as it is sometimes called, your FICO score.
A low credit score means either higher interest rates and higher down payments for you or your credit application could be completely declined. The higher your credit score, the lower your possible interest rates might and the down payment requirements will be lower as well. Of course there are many other pieces that play a role in regards to getting approved for a mortgage. Some of those are income and employment status as well as how much open credit you already have in use (other loans you have.
Before you apply for a new loan or mortgage you should find out what your current credit score is. The free annual credit report you are eligible for by law does NOT provide that information. You might want to look at 3rd party providers that give you access to the credit report and credit scores from all 3 credit bureaus. I have used one specific provider that I like to recommend. The really cool thing is that a) you receive the credit report and credit scores instantly online. Then b) you get a free analysis of your credit report. I think that pieces alone is the most critical in many cases. I admit I am not a financial guru that knows everything. These guys do this all the time and they know their stuff. I’d rather have them provide me with a free analysis that tells me the truth about my credit report and credit score. The initial service is completely free and you enter a 30 day trial for credit monitoring at the same time. Great thing here – you get email notifications as soon as your credit report changes. It’s awesome, now I don’t have to worry about ID theft anymore and the damage it does to my credit history. I can act instantly upon fraudulent activity on my credit report. I really like this service – check it out here – Free Credit Report.
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