You are a First Time Home Buyer?

Know your Mortgage Credit Score if You are a First Time Home Buyer!

Buying your first home is one of the most exciting times in your life. But it can also be extremely overwhelming. You are probably running into a lot of terms and expressions that you are not familiar with. Add that to the anxiety of trying to get a mortgage,
and this could be a downright stressful time for you. There are some tips of the trade that can give you a head start when you are a first time home buyer. The first thing you need to do is ensure your credit report is in good order. You don’t want any surprises to crop up when you get down to applying for that first time home mortgage loan. Knowing what your mortgage credit score is beforehand will give you a head start in landing that dream home.

The first thing you need to do is get a copy of your credit report. Analyze every item and every line very carefully. Look for things that seem askew. If there are credit cards open that you don’t use, have the accounts closed. Check for any items that come up as discrepancies or errors on your report. This would look like outstanding accounts that you know have been paid. You will need to have those corrected before you apply for your first time home buyer mortgage loan. Your mortgage credit score is going to be affected if there are discrepancies on your credit report and you may not get the mortgage you want. To clean up the errors, send a request in writing to the company asking them to repair the discrepancy. Keep a copy of all documentation. If the error is not resolved by the time you apply for your mortgage, you may need to show it. Once you have the errors corrected and unused
accounts closed, you will be well on your way to a healthy looking mortgage credit score.