How to Get Your Credit Mortgage Ready

You’ve found the home of your dreams. You checked out the neighborhood, schools, parks, and you have found that the local restaurant has an unbeatable taco Tuesday special! Home ownership is in your sight, but don’t let your credit become a speedbump in the process by getting your credit mortgage ready with these useful tips:

  1. Know where you stand- check your score. The road to mortgage ready credit is different for everyone depending on your circumstances. Once you know where you are, it will help you get where you’re going. Find out where you stand by obtaining a free credit report, or by enrolling in a credit monitoring service of your choice.
  2. Fix any mistakes! Correcting a mistake on your credit report can tremendously help your credit score. If you spot a mistake, dispute it with the appropriate credit bureau immediately.
  3. Don't take on any more debt. Adding debt to your personal balance sheet can make it more difficult for you to obtain a mortgage. 
  4. Grab a shovel- bury any past due payments and delinquencies. While missing a payment can affect your score, it’s not the end of the world. Establishing a pattern of making on-time payments and paying off any delinquencies will help your case in landing your dream home.
  5. Life changes- avoid them. While applying for a mortgage, life events such as changing jobs, marriage, or divorce can impact your score, and potentially alter your eligibility for certain loan programs. The best way to know what the potential outcome would be for your situation would be to speak with an experienced loan officer

Getting your credit mortgage ready will help speed up the process of owning a home and will allow you to focus on other things (like finally trying that fish taco you’ve heard so much about). 

Take the next step:

Let us help you get started on the path to home ownership by speaking with an experienced loan officer, who can help you explore loan options based on your circumstances—GET STARTED here.