Qualifying for a real estate purchase requires different credit than auto financing or credit cards. In fact, you may be able to go out and buy a new car today, but you might be turned down for a home mortgage. On the other hand, you could go out and buy a house and be turned down for an auto loan.
Debt Consolidation And Credit Perhaps you recently applied for a line of credit and were told that your credit score was excellent. When you apply for an auto loan or a consumer credit card, the scoring model computes a different credit score than when a mortgage lender runs your credit. Your credit scores differ for different types of loans. Plus, mortgage lenders run all three credit reports and usually take your middle score as their basis for your loan requirements.
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Check Credit Rating However, some mortgage companies, especially non-prime lenders, will use your highest credit score. For a mortgage refinance, some lenders don't even run a new credit report if all your mortgage payments were made on time. They use the credit score from when you first applied and financed your mortgage with them.
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Improve Credit Rating Unlike other types of credit grantors, mortgage lenders consider your debt-to-income ratio and other credit matters, besides your credit score. Your debt-to-income ratio is the comparison of mortgage payment, including taxes, interest, and insurance to your total gross monthly income.
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Credit Score Rating Scale Your education
Your income
Your employment qualifications
Your overall monthly debt payments
- Revolving (credit cards and store cards)
- Installment (fixed payment loans, like personal or auto loans)
- Real Estate (mortgages)
- Total Debt
Bad Card Credit Credit People Understanding the difference between good credit and the credit needed for real estate mortgages helps you refinance your mortgage or buy your dream home.
Free Credit Rating Report Copyright © 2005 Jeanette J. Fisher All Rights Reserved.
Credit Rating Scale Jeanette Fisher teaches real estate investing and interior design college courses. She became a credit expert to help her students buy their dream home and multiple investment properties. Jeanette is the author of "Credit Help! Get the Credit You Need to Buy Real Estate" and other books. For a free report, "Credit Tips for Mortgage Financing," visit the Real Estate Credit Help Center http://www.recredithelp.com
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Credit Rating Agency Jeanette Fisher helps home owners create homes for glorious living and top-dollar sales. Inspired by Mother Nature, Jeanette's eye for design is fueled by her love of the natural outdoors, light, and color. After researching the affects of the environment on emotions, she teaches Design Psychology college courses. Jeanette also teaches home sellers and real estate investors Design Psychology strategies for fixing ugly houses and home staging. Jeanette writes books and articles on real estate investing, credit for mortgage financing, and interior design.
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