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Fix Your Credit and Get Your Dream Home
In days gone by, any blemish on your credit report could mean that you would be immediately denied for a mortgage loan. Thanks to the current real estate market and the state of the economy, this is no longer true. Qualifying for a mortgage is easier than ever. However, if your credit isn't the best, you should take the following steps before you fill out your loan application.
Check Your Credit Report
The first thing everyone should do is get a free copy of their credit report. Each consumer is entitled to a free yearly credit report from each of the big three reporting agencies; TransUnion, Equifax and Experian. This will help you identify any problems.
After you have identified any issues that may affect your ability to obtain a mortgage, take action to correct them. Dispute incorrect information. Make sure your payments are made on time. Close any old accounts that aren't brining you any benefit. Pay down current accounts so your debt utilization will be less.
Check Your Score
Most mortgage lenders won't entertain the idea of extending a mortgage loan to you until your credit score is higher than 620. You can obtain your free credit score from sites such as CreditKarma and Credit Sesame. Remember that higher is better, so don't stop at 620. A higher credit score means a lower interest rate.
It is a good idea to enlist the help of a credit repair professional to help you fix any problems before you apply for a mortgage loan. We have provided a list a of the top ranked credit repair companies working in the United States for you to browse and find the one to best help you achieve your financial goals.