Maverick's Mortgage Map

Of a home mortgage applicant, the following pillars are all major factors for being qualified, approved, and getting the best deal possible.                                                   Pillar 1     Credit      Some people fear having to talk about their below average credit, others don’t even think about every debt payment being reported to the bureaus and pay every debt on time! Where ever you lie along this spectrum, your credit history is going to affect your home mortgage. Each mortgage product has its own minimum allowable credit score. When your credit is higher, your interest late will be lower, and visa-versa. Need more on credit, click here for a good place to start . Browse my ...

If you haven’t yet, I suggest taking a look over The Pillars of a Home Mortgage Application before going on. Credit is important, I’ve written about who reports it, what a credit score is, and what reports you need to pay attention to. But could it really be the most valuable factor for your mortgage application?   There’s a few reasons why having the best credit you can when applying for a mortgage is beneficial, and they all point to getting you a better deal. Of all the tweaks and mortgage product variations, your credit is really what is going to put you in the best position, no matter what you want in your mortgage. I like to think about the parts of a mortgage like a test: you can try all different tricks to get the best grade on the test, but those who perform best have a strong history of study habits, and it shows in the end. You can’t trick a credit report, at least not legally, that is why it is so valuable to you and the lender. Your credit report shows t...

     When considering a new mortgage, it only makes sense that you review the same credit report that the bank/lender will use once you apply. There are three main credit reporting agencies which the majority of home lenders pull credit from when you apply for a mortgage, both when buying and refinancing. FICO® scores based on reports may vary between the three, but your middle score of the three is typically used when qualifying for a mortgage.           The term FICO® scores and Credit Reports are interesting, read on if your curiosity is strong right now, or skip to the next section to continue. FICO (Fair Isaac Corporation) was founded in 1956 by an engineer and mathematician. At this time credit cards were gaining popularity, and the credit limit to offer somebody became increasingly difficult to determine, especially if the one applying was in a different geographical region. Think about this, befor...

As one of the three pillars of your mortgage application, it is essential to know your credit situation if you plan on buying a home. Anybody can benefit from taking a look at their credit report and seeing what can be improved. I'll let you know how you can get a credit score report from the same credit agencies which most home lenders pull credit from. For more information on why getting a credit report from the right company is important, check out my post Which Credit Report is Used when Applying for a Mortgage . It's important to read the details in my line of work, and the details are often where the buried treasure lies. At the very end of a credit report, the Consumer Financial Protection Bureau tells us how anybody can get free credit report each year. It’s one of those, can’t get a free credit report because I don’t know how, because I can’t get a free credit report… Here it is: In text: “Under ...