Mortgage
lenders will look at your past credit history
to help them determine how much of a risk they are
taking by lending you money. It is therefore imperative
that you take care of your credit, because it will
become an important factor in determining whether you
will be able to obtain a mortgage and the interest rate
at which you can secure it.
If
your credit is less than perfect, it is important that
you disclose fully and in detail any past delinquencies
or credit problems. Unfortunately, many people are not
even aware of any past credit problems until they apply
for a mortgage. Therefore, obtain a credit report prior
to applying for a mortgage and go over it to check for
any mistakes and to verify that it is up-to-date. In
addition, if you are married, also request your spouse's
credit report. If your loan application is
rejected
because of your credit, ask your lender to make a list
of what you need to do to get loan approval so you don't
waste valuable time.
Mortgage Glossary4
