If you’re planning to apply for a mortgage, one of the first steps in preparing for the homebuying and mortgage process is to know your credit profile. This new article from U.S. News highlights the reasons, along with four other signs that you should check your credit report today.
Getting a home loan requires going through a rigorous application process, including a careful review of your credit by the prospective lender. Checking credit reports before you submit your application can give you a sense of your chances of getting approved and what your interest rates might looks like. Your report can help you think more realistically about what homes you can afford.
“Your credit history may impact the interest rate or the amount of money you can borrow in relation to your income,” says Arlene Maloney of Wells Fargo Home Mortgage.
If you pull your credit report and find that it has some black marks, you’ll be able to adjust your borrowing – and house-hunting – expectations accordingly.
