How Much Weight Do Credit Reports Have for Obtaining a Mortgage

Many homebuyers incorrectly believe that they will not be able to obtain a satisfactory mortgage because their credit report has some negative items on it. The truth is that most people do not have to worry too much about their credit report score. Usually any problems within the credit report can be explained by difficult life circumstances, such as a sudden illness, death in the family, or an unexpected period of unemployment. The most important thing is that you work to restore your credit, by becoming current you all you unpaid balances. Once you have been paying faithfully for at least one year, you are likely to be a good candidate for a mortgage.  For more information inverness il homes for sale.

The first thing you need to do is request a copy of your credit report from the three major credit reporting agencies, including TransUnion, Experian, and Equifax. Take the necessary steps to make any necessary corrections to your credit report, and restore any damaging credit issues by working with the creditors. When applying for a mortgage, be prepared to explain any negative components of your credit report. Prepare a written statement, that you can provide your mortgage professional to explain any problems with your credit report.

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