| The effect
of Credit |
What is in your credit reports will be the single greatest factor
in your home loan. There are three major repositories (Equifax, Experian
and Trans Union) and reports will be pulled from all three. Also a
FICO score will be generated by all three based on your. Simply put,
getting you the best terms on your next mortgage will start with credit.
Reaping the benefits of high FICO scores is always more enjoyable
for you than working around lower scores. We will get you best terms
either way, just bear in mind that while we will most likely still
get you a mortgage, the number of lenders we can deal with will be
greatly reduced, the minimum down payment will most likely go up and
so will the interest rate.
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| How to manage
your Credit |
Making sure your credit files are all they should be is almost a constant
process. If, for example, you had already made an offer, were all
set to buy - and then found out about an error in one of your credit
files - it would almost be too late to correct that error it in time
for your purchase to go through on schedule. You'll also be like most
everyone else, caught by surprise. Read the Obtaining Your credit
files section to put yourself ahead in the process. And if you've
seen recent copies of your credit from all three major repositories
and everything looks to be correct, rest easy.
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| Never
settle for seeing just one Credit report |
Always be sure to check all three of your credit files, especially
if a home financing move is in your future. Rarely do all three credit
reports shoe the same information and almost without exception they'll
generate different FICO scores. Checking up on your credit should
be the first concern with a new purchase and could easily delay a
refinance - there's nothing more frustrating than watching your interest
rate while you wait on credit errors to be corrected. Honest mistakes
and errors are made. Even if one report looks perfect you can't be
sure until you have checked all three.
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