Your credit score will have a significant impact on your ability to get a mortgage and what the interest rates are. Remember, however, no matter how low your credit score is, it is still possible that you will qualify for certain loan packages.
One of the first things a loan officer will do is find out what your credit score is for the three credit reporting companies. Your credit score will then frame what options are available to you.
Your credit score should not come as a surprise to you, you can easily find out what your credit score is and what is on your credit reports by requesting copies from each of the reporting agencies and reviewing them for accuracy. If you find any inaccurate information you should make sure to clear it up. There are a number of attorneys and other professionals that can assist you in clearing incorrect information or you can do it yourself.
Though it is true that your credit score will impact your loan it does not mean if you do not have a top credit score that you cannot get a loan, it just means your interest rate and loan package options will be different than someone who has a higher or lower credit score than yours.
As you begin the process of looking for a home it is important to get your credit report and find out your credit score so you are not surprised when you are sitting with your loan officer applying for a mortgage. You can try Experian Triple Advantage to know your credit score instantly.
