Check Your Mortgage Credit Score - Get the House You Want

 

 

Keywords:  mortgage, credit score, risk, debt, investment, home loan, negative history

 

You've found the house of your dreams, or at least the right one for right now. But is it too big for your mortgage credit score? When assessing whether or not you can afford the house you want, your score is an important fact to know. If it's too low, you may have to keep looking.

 

When you have a low score, it sends a message to your lender that you are a risky investment. You have a higher potential of missed payments and foreclosure than someone with a better score. To lower the risk, you'll end up having to pay a higher interest rate, which could put the house you want out of reach, as the amount of the loan is suddenly unaffordable.

 

Be prepared to make some compromises to make up for a low mortgage credit score. Of course, one option is to accept the high interest rate. You may have to rearrange your finances and cut back where you can to make sure you can meet all of your payments. Doing so will help you potentially raise your credit score, and it will protect you from foreclosure, keeping your score high and putting you in a good position to qualify for refinancing down the road.

 

Another option is to consider a home that is a little further away, possibly outside of the city, where minimum rates and taxes may be lower. It may mean a longer drive to work, school, and extended family, but you might find a home that is similar in size (or even bigger) to the one you originally looked at. You may still have to pay a higher interest rate, but the starting home price and the minimum starting interest could mean a more affordable loan.

 

Your best option may be simply to hold off and work on improving your mortgage credit score before applying for a home loan. Request your free copy of your credit report and review it for errors. Take note of any negative history, and make sure you pay off any debt that you can, and make payments on all of your debts in full and on time. The higher you raise your score, the easier it will be for you to secure the home you really want.

 

Source: http://ezinearticles.com/?Check-Your-Mortgage-Credit-Score---Get-the-House-You-Want&id=2464658

 

 

 

 

 

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