How to Improve Your Credit Score for a Mortgage Application

Before you apply for a mortgage, get your finances in order so that you can make the best possible application. This will allow you to secure the best possible deal on a mortgage, and could even make the difference between being granted a mortgage deal or denied. One of the most important parts of a mortgage application is your credit history. If you can improve your credit score before applying for a mortgage you are more likely to benefit from good mortgage deals.

Check Your Own Credit Reports

Your credit history needs to be as solid as possible in order to secure a mortgage. By checking your report you can see if there are any issues that will show up to a lender and may affect your success. It is especially important to check your credit reports if you are applying for a bad credit mortgage. When you have your report from the three main agencies you can see if there are any items on the report that shouldn’t be there. You can apply to get rid of this inaccurate information that could be harming your credit score.

Pay Off Delinquent Accounts

This includes any bills that are late, any judgements, and any bills in the collection stages. If you have any outstanding delinquencies these will really hurt your chances of getting a mortgage. But it is not enough to simply pay these off. You will also need to spend some time, at least six months or up to a year, making timely payments so that you can get your score looking more positive.

In all cases when you have concerns about your credit history or your financial situation, it always helps to speak to a specialist advisor before you go forward with a mortgage application. This will allow you to get a clearer picture of how things could proceed for you if you decide to make an application.

AS A MORTGAGE IS SECURED AGAINST YOUR HOME OR PROPERTY, IT COULD BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS.