This is the second post in a blog series on how to improve your mortgage credit score before buying a home in Northern Virginia. So far, we’ve covered Part 1.
If your mortgage credit score is in need of a makeover, you will have to make changes now to position yourself to get the best loan and interest rate possible. If you are unsure where to start, the four steps below will help:
Steps Toward Raising Your Mortgage Credit Score:
1. Get a Copy of Your Credit Report
If you don’t already have a current copy of your credit report, it is important that you get one immediately. It will show you an accurate picture of any financial problems that you are facing so that you can begin solving them. Some credit related issues can take months to repair. The good news is that, under the FACT Act, you are entitled to one free credit a year from all three credit bureaus. All you have to do is go to the Annual Credit Report website to get it.
2. Fix Any Mistakes That You May Find
Did you know that every year, approximately 25% of people get declined for mortgages because they have inaccuracies on their credit reports? This inaccuracies can have significant negative effects on your mortgage credit score, so when you find these types of mistakes on your report, you should do everything in your power to fix them. Your credit report will have instructions to help you do so and you can find this information on the credit bureau websites as well. Make sure that you follow these steps closely and keep a record of everything that you do.
Read Part 3 of my blog series on improving your mortgage credit score.
Are you wondering whether or not you qualify for a zero money down loan in Northern Virginia? Call me at 703-462-0700 or email me at DarrenRobertsonHomes@gmail.com to learn more about new zero money down mortgage options that are available.