So you want to buy a home at this point in time? I don't blame you! This is the right time for home buyers to pursue this kind of project. If you may be wondering if your credit rating will be good enough to finance the mortgage, consider these:
Do you have a Mortgage Credit? This is the payment history on your present house or previous one. The payment history from past to present mortgage judges the attitude of the borrower toward his mortgage obligations. Payment history on a mortgage debt is very important in determining a credit score. If you pay your dues on time, you are good to go! Do you have Consumer Credit? This category relates to installment and revolving credit such as car loans, student loans, department store credit and credit cards. Generally payments received after 30 days is considered late. If you pay on time, you have a Good Credit Score.
What about Public records? This relates to previous bankruptcies, foreclosures, collection and judgments. The person rated A may not have had a bankruptcy within 2-10 years. The person rated D could currently be in bankruptcy or foreclosure. If you have more serious credit problems your grade will continue to decrease and this may cost you higher interest rates and fees. A person is rated ABC&D credit score range 375 -900. A score of 650-700 indicates good credit history. So in closing be sure to check your credit score when applying for a mortgage.
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Friday, June 17, 2011
Mortgage and Credit Score
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