Make Sure You're Credit Ready Before Applying For a Loan.
Are you in the market to purchase a home? If so, before you begin window shopping, gather all the necessities to make your home buying process as easy as possible. The first crucial step towards purchasing is finding where you stand with your credit. Today we will cover the importance of credit for the home buying process.
Why is Credit Important?
Many consumers start this process not knowing what their credit score is. Your score will be the determining factor whether you are approved or denied. If approved, your score will impact the terms available for your loan. A higher credit score will allow for the best available terms which generally result in lower rates and lower monthly payments.
How Can I Check My Credit?
To review your credit report and credit scores, request a (soft inquiry) consumer report. Soft inquiries do not hurt your credit score. Did you know that a 2013 Federal Trade Commission survey showed that one in four Americans captured errors on their credit reports? By checking your credit prior to applying, you may be able to catch any of these surprises. You may also find areas of opportunity for adjustments such as lowering credit card balances to allow for an optimal credit score.
What If I Think I Might Not Qualify?
Do you think your credit does not qualify or meet your lenders minimum requirement? If you found any surprises, like collections, late payments, or public records you have the right to challenge these items. Auditing these items could result in a deletion if they are inaccurate or unverifiable, and additionally result in an increase to your credit score. We encourage you to consult with a credit expert like MSI Credit Solutions to learn about your options. Contact us today at 866-217-9841.
MSI Credit Solutions provides superior credit restoration and comprehensive consulting services that are reliable and affordable. For any questions or to schedule a free credit consultation, contact us at (866) 217-9841.
*The information in this article has been provided strictly for educational purposes.
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