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CREDIT REPAIR
How to Qualify for a Home Mortgage
Improve your credit score and lower your mortgage expense
There is no doubt that today it is more difficult to qualify for a home mortgage. Since all loans are now credit score-driven, the key to qualifying is to have a good credit score.
Whether you plan to buy a home soon or at some time in the future, it is not too early to work on improving your credit score.
A 3-step approach to credit repair
There are many credit repair companies, and they will charge you from $400 to $800 or more. In addition, most of their work will be only a temporary fix.
You can fix your credit yourself for free, and if you follow the suggestions in the downloadable report at right, the results will be permanent and legal.
Keeping your credit score high
Once you have repaired your existing credit report, it is important to build up your credit score. Make sure all your payments are mailed in time to be posted by the due date. On-time payment alone accounts for 35% of your credit score. Do not charge more than 30% of your credit limit on any card. This guideline provides another 35% of your score. Finally, keep credit score inquiries to a minimum by limiting the amount of credit for which you apply.
By law, you can obtain a free copy of your credit report annually. Take advantage of this law to check your report yearly and make sure it accurately reflects your diligence in paying bills on time and in full.
Your credit score is the single most important factor in obtaining a home mortgage. If it is excellent, the home of your dreams can become reality.
For Further Advice on Do-It-Yourself Credit Repair, Contact Carol at 903.574.5391 .
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