A lender looks at your credit history as an indication of your creditworthiness, i.e. an indication of the likelihood that you will repay according to the agreement. You can be better prepared for your entrance into the mortgage market if you get a copy of your credit report and review it before you apply. This way, if there are any errors on your credit report, you can take the necessary steps to correct them before your mortgage application.
If you have had credit problems, be prepared to discuss them honestly. We understand that there can be legitimate reasons for credit problems, such as unemployment, illness or other financial difficulties. If you had a problem that has been corrected and your payments have been on time for a year or more, your credit will probably be considered satisfactory.
Posted in: Credit