In order to get a mortgage, you will need good credit, but is excellent credit necessary? Were you even aware that there was a difference between excellent and good credit? While both terms will typically allow you to obtain a mortgage, excellent scores will provide you with a few more benefits. Today excellent credit is slightly harder to obtain, but many people do find it … [Read more...] about Is an Excellent Credit Score Necessary to get a Mortgage?
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Non-traditional credit is credit that is not found on a traditional credit report, but can be verified in other ways. This type of credit is needed for those applicants that do not have a large credit file yet have a history of making payments on time to entities that do not report to the credit bureaus. A few examples include payments to utility companies, a landlord or … [Read more...] about Using Non-Traditional Credit to Qualify for a Mortgage
When you apply for a mortgage, your credit card balances play an important role in the process. Even if you have a decent debt-to-income ratio, sometimes the high credit balance that you carry will affect your approval as well as your credit score. Before you apply for a mortgage, you should take a careful look at your outstanding credit card balances in relation to your credit … [Read more...] about Credit Card Balances and their Role in your Mortgage Application
If you apply for a mortgage with several lenders, chances are you will get a varied response when it comes to the terms as well as the requirements in order to qualify for the loan. This is true even if you are eligible for the same program at each lender. Even if you qualify for a program backed by Fannie Mae, Freddie Mac or the FHA, lenders have the ability to add their own … [Read more...] about Understanding Lender Credit Overlays
Old debt can come back to haunt you, even several years down the road. If it has been a long time since you have made a payment and the credit card company has done everything possible to obtain the payment from you, they may charge the debt off. This does not mean that the amount no longer reports on your credit report; it actually reports as a charge-off, which is much worse … [Read more...] about Should you Pay off Those Old Debts Before Applying for a Mortgage?