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      How Is Your Credit


      It is a good idea to take care of credit problems ahead of time. An important part of your strategy for buying a home includes paying attention to your credit status. Your lender will scrutinize your monthly income and expenses at the time you apply for a mortgage. Debts and other obligations reduce the amount of cash you can spend on housing. If you are planning to buy a new car, boat, furniture, or appliances (paying either by cash or credit) postpone the purchase until AFTER you buy your new home. 

      As part of the mortgage application process, your lender will request your credits core from a credit bureau to help determine your credit worthiness. A good score may change the amount of time it takes to get your financing approved, and you will get a preferred interest rate. Your credit score takes hundreds of variables into account and specifically looks at such things as how much debt you carry, how many places you have applied to for credit recently, and what kind of credit you have had in the past.

      Before you apply for a mortgage, find out whether anything in your credit record might present a problem. Order your credit score from one of the major credit bureaus (Experian, Equifax or Trans Union) two to three months before applying for a mortgage to give yourself plenty of time to iron out any wrinkles that you discover. If your score is lower than you want, carefully read the report to find out which factors are most likely having a negative impact on your score. A mortgage professional can provide insight in to how to improve your score.


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