Credit scores are a crucial part of getting a home loan. In some cases a credit score is all you need! That’s right if your credit score is high enough lenders will do a home loan just on your signature. They are called No-Doc loans and your score must be high. Many things affect your credit score and its not an easy thing to predict. At unlimited lending we have many tools and resources help with your credit score, including simulators and rapid rescoring. These credit tools help provide a clear picture of what is currently affecting your credit, as well as what you can do to improve it..
One of the major factors that will affect your credit score is your mortgage loan. If you are late more than 30 days on your mortgage it will most likely drag your credit score down by 60 or more points. This can mean that you might pay thousands more than if you did not have any lates at all.
Your Credit report is an important part of many aspects of life and can even effect the rate on your homeowners insurance, that’s why it is Important to make sure it's accurate. You are entitled by law to get a free credit report from consumer reporting companies once every 12 months. This is guaranteed by Fair Credit Reporting Act.
