Hilton Head Credit Check - What To Do

It's a good idea to take care of credit problems ahead of time.

An important part of your home-buying strategy includes paying attention to your current credit status. Your lender will scrutinize your monthly income and outgo at the time you apply for a mortgage. Debts and other obligations reduce the amount of cash you can spend on housing; if you plan to buy a new car, boat, or major furniture (paying by either cash or credit), postpone the purchases until after you buy your home.

The lending process requires mortgage lenders to request a mortgage credit score from credit bureaus to help them determine your creditworthiness. A good score may change the time required to get approval on your mortgage as well as the rate you receive and the way in which your mortgage is managed.

The analysis takes into account about 100 variables gathered from your credit file at one of the big three credit bureaus - Experian, Equifax, and Trans Union - and specifically looks at such things as how much you are currently in debt, how many places you have applied for credit recently, and what kind of credit you have had in the past.

Before you apply for a mortgage loan, find out whether anything in your credit record might present a problem. You can confidentially find out directly from the credit bureaus how your credit stands. Order a report two or three months before making a loan application to give yourself plenty of time to iron out any wrinkles that you discover. In this age of information technology, you may find yourself to be a victim of fraud - if this is the case, it may take even longer to clear up problems.

This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.

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