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Part of your mortgage loan application fee is a $25 to $75 charge for the
lender to obtain
a copy of your personal credit history as reported by the main credit reporting agencies: Experian
and Equifax.
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Have you paid your bills on time
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Your mortgage loan will not be approved if you have a
poor payment history.
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This includes those annoying book clubs that kept sending you
dunning letters for books you returned.
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No matter how unfair, any blemish
on your credit report can cause the mortgage lender to refuse
your loan request. |
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Before you apply for a
mortgage: |
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- Get a copy of your credit report
and correct any errors.
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Experian
(888-397-3742) and Equifax
(800-685-1111) will both provide a copy of your credit report
for under $10.
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Write a letter to the
mortgage lender and explain any credit problems you are unable to have
removed from your report. For example:
- Payments were late because
your ex-roommate failed to forward your bills.
- You were temporarily in a
financial hole after your former employer went out of
business.
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Some lenders are more
sympathetic
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Shop for a flexible mortgage
lender.
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Ask if previous credit
problems will torpedo your chances of getting a loan.
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Consider a mortgage
broker. A good broker knows which lenders will be most
sympathetic and knows how to handle credit problems.
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Explore
a Seller financed mortgage loan. The Seller might not even check
your credit report. A Seller who is anxious to sell will be
more willing to overlook past credit problems. |
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Top
of page |
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Copyright January 1, 2003
Audrie.com Corporation
PO Box 870454
Stone Mtn, GA 30087
All rights reserved
Fax: 770-469-2180
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