Qualifying for A Home Mortgage

Two weeks ago I posted on how to go about checking your credit report.  Once you’ve done that and corrected any errors then the next step is to actually get your credit score.  As I mentioned you can do that for $7.95 or you can get your credit score from a lender (if you’re starting the process of purchasing a home or any other item involving credit).  You might even be able to get your bank officer to do this at no cost.

Anyhow, click here to read an article from the National Association of Realtors® based on what lenders are now requiring for a home loan.  I imagine the qualifying standards apply to any large purchase.

The bottom line is the higher your credit score the lower the interest rate you’ll be charged.  So it pays to do your homework and make sure your credit report from each of the three bureaus is accurate.