Credit Scores & Homeownership

Your credit report will determine your eligibility for a mortgage and your interest rate. Most people apply for a mortgage in order to own a home.  A mortgage is a type of secured loan, worth the amount of what you are paying for your house, or slightly less determining your down payment.

Types of Mortgages
There are many different types of mortgages, and deciding which type is right for you can be a daunting task. The one thing they all have in common is that it must be paid back in monthly installments.  Your income and credit history will determine your loan, interest rate and monthly payment. Your credit history could be the reason you do not get the rate you need and you could even be rejected for a loan entirely.
 

Every person is entitled to one free credit report per year, which can be ordered from any of the three credit bureaus.You should review your credit history before you apply for a loan.  You can also benefit from a free credit repair consultation with Innovative Credit Consultants if your credit report has interfered with mortgage approval. 

Hard Credit Checks
Mortgages include a hard credit check; too many of these can knock points off of your credit score. There are no credit tricks when applying for a mortgage. However it is necessary your credit report is accurate and gives you a foundation to build useful credit.  Do not wait until the application process to discover your credit report potential.  If you havedo have mistakes on your credit report, contact us today.  Our credit repair professionals understand home ownership is affected by your credit report.