Get a Good Mortgage

Qualifying for a mortgage for a mortgage can be difficult for today’s homebuyers. According to a report from Zillow Mortgage Marketplace, roughly 33 percent of consumers who are looking for a home do not qualify for a mortgage because of bad credit. In order to receive the best possible loan, you want to have the best possible credit score. The first step in improving your score and receiving a loan is sticking to your bill payment schedule. “[The] good news is that poor credit isn’t forever,” says Greg McBride, a Bankrate.com senior financial consultant. “Those past missteps carry less weight with the passage of time, so if you are paying your bills on time and you are paying down your debt over time, those two factors constitute two-thirds of your credit score.” If your credit score is 740 or higher, you are in the top tier. If your score falls within the 700 to 740 range, you are still considered a prime candidate for a loan, but you may not receive the best possible terms. And if your credit score is below 680, not only will it be harder to obtain financing, but the payments will likely be much higher. You should also note that other elements, such as having a sizable down payment and proof of income, are critical factors in getting a good loan. | Read More