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Here's a way to avoid real estate loan surprises and nightmares during the loan process. Pull your own personal credit reports 45 days before trying to get a genuine estate loan. There are a several things that may be misreported on your report that translate to an increased interest rate on your home loan and possibly a denial of your loan.

Delinquent payments are one of many thing that affect your scores. An inaccurate maximum credit limit versus high credit can be an issue I see often. If your maximum credit limit of $11, 000 shows on a credit card along with your balance $3000 than you still owe less than 50% of the Credit Report imit. Ideally each card must have less than 50% owed on each credit line. But when the maximum limit matches the high credit (the highest balance you've ever had on that card at one time) that isn't good. It appears like you might be maxed out on that card.

To improve your score, it will be wise, before trying to get a home loan, to spread your balances to reflect no card is showing greater than 50% of it's available credit limit. Some cards have lower interest levels than the others but we're discussing boosting your overall credit score here not getting the lowest credit card rate. Again sometimes creditors aren't correctly reporting your maximum credit limit which unintentionally can impact your credit score.

By checking your credit reports 45 days before obtaining a home loan, you are able to look into these kinds of problems and fix them prior to the lender pulling their credit report. You can avoid surprises and inaccuracies because after the lender pulls their credit report, that's just about it. If there is a credit issue that's fixable and it's something that can raise your score, your lender can do advise you to do a "rapid rescore" procedure that can possibly raise your Creditwhen the credit report issue has been corrected but along side that comes a cost countless dollars to treat the problem.

It's less expensive to pull your own personal credit report through a company such as for example annual Credit Score once a year, it's free. You won't obtain your scores with the free version, that costs money, but just ensuring sure the info on your report is being properly reported is very important and it will save you headaches, time and money in the form of a lower home loan rate in the long run.

Kevin Walton has been originating California real-estate loans for over 19 years. I specialize in educating my clients to make the best real estate loan decision possible.