Consumer Credit Information

Mortgages

When buying a home, you should:

Get your credit report. Before approving your request for a new home, mortgage lenders review your credit report. They often get your report from two or more credit reporting companies to be sure they have your complete credit history.

If you review your credit report in advance, you'll see yourself from a lender's perspective and possibly avoid loan approval delays.

Be prepared to explain your credit history. When mortgage lenders review your credit report, they evaluate how much you already owe, how much unused credit you have available, how prompt you are in paying your debts and whether you've recently applied for new credit.

They may ask you to explain late payments, recent inquiries on your report or new accounts. If you have no credit accounts, they may ask you to show that you pay your rent, telephone bills or utility payments on time.

Count your savings. You generally need a down payment of at least 5 percent of your new home's purchase price. You also need money for closing costs.

Be sure to also set aside extra funds for emergencies. If you spend every dime on your down payment, you're statistically more likely to lose your new home to foreclosure some time in the future.

Seek pre approval. Asking a mortgage lender to pre qualify you for a specific loan amount narrows your search for a home, helps you avoid disappointment, improves your bargaining power and speeds the sales process.

Know your options. Ask the lender to detail on paper the cost differences of various mortgage plans, then select the one that's best for you.

Make your payments. What you borrow, how much you owe and when you pay become a part of your credit history. When you apply for new loans or credit cards, other lenders will review this history. Late payments can stay on your credit report for up to seven years, can keep you from buying another house or can make it more expensive to buy a car.
 

 

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