Mortgage News

    Welcome back to Mortgage News Monday!

    Today lets talk about Credit worthiness.  We all hate it,  but unfortunately we cannot get away from it!  Here is some information I hope you will find helpful, given to my by a lender friend at South Pacific Financial.

    “TAKE TIME TO REVIEW YOUR CREDIT REPORT”  

    Doesn’t matter if you’re about to buy a car, furniture or a home, it pays for you to do the research before the retailer or lender.  As the old saying goes, an ounce of prevention is worth a pound of cure.  This has never been truer than with regard to your credit report, especially when you get ready to buy a home.

    A credit report is basically a report card that any lender or retailer will use to determine how you manage your credit!  By knowing what’s on that report, and also being aware of what your lender will see when you attempt to finance, you’ll be prepared and your expectations will be set.  As upsetting as it may be to realize you’ll need to pay down or pay off debt, which could take several months depending on the amount, it’s even more upsetting to not know until it’s too late.

    There may even be incorrect items on the report and you’ll have time to correct or dispute them.  And sadly time is of the essence; even a very simple transaction, such as making a single payment, may take 30 days to show up on a credit report.  Settling more involved items could take much longer!  The more ahead of the curve you are in this process, the better off you’ll be.

    Hope this information has been helpful.

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