Check Your Credit Report And Score
Your credit report determines not only the likelihood of whether you will be approved for a home loan, but also the interest rate you will be charged. Experts recommend you check your credit report and score before refinancing your current home or buying a new one, as they can be your most valuable tools when determining if you meet the requirements for a new home loan. Use the form to the right to see if you qualify for a new home loan now.
Is My Credit Loan-Ready?
Interest on a mortgage can add up to hundreds of thousands of dollars over the life of the loan. Typically, the higher your credit score, the lower your interest rate.
- May be difficult to get approved
- Expect a tough approval process that may require more paperwork
- May be required to pay private mortgage insurance (PMI)
- May be required to pay higher interest rates
- May have a good chance to get approved
- May be able to secure better rates
- Should have access to more loan programs
- May be required to pay private mortgage insurance (PMI)
- Considered the ideal applicant
- Should receive the best rates and savings
- Should have an easy approval process
- Should have access to the best programs as well as terms and conditions
Tips to Consider Before Applying for a Loan
- Know your credit. The better your credit, the higher your chances of securing the best rate and terms.
- Don't change jobs. When qualifying for a loan, lenders look at your last two years of employment as well as your income. It's best to avoid switching jobs or gaps in employment.
- Continue to save. Experts suggest the number one reason potential consumers fail to qualify for a new home loan is because they lack assets and savings.
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