When planning to buy a home, your first order of business shouldn’t be creating a wish list – it should be reviewing your credit. While it’s possible to buy a home without a mortgage, most people don’t have that kind of cash, and your credit is a major factor in lender decisions.
“Before applying for any loan, be sure to check the state of your credit,” says CreditRepair.com President Scott Smith. “Owning a home is a big part of the American dream, but home loans can be very complex, and doing all of the proper research from the beginning, including completing any necessary credit repair up front, will make the process that much simpler.”
In addition to monitoring and rectifying your credit, once you have applied for a mortgage it’s important to live by these 10 commandments during your mortgage process.
Get a copy of your credit report at www.annualcreditreport.com.