Everyone knows credit scores are important to your personal finances, but it plays an even bigger role in helping you to obtain a low rate Atlanta mortgage than ever expected. Credit reports and credit scores are like a report card on your finances that mortgage loan companies use to determine whether you should be allowed to borrow money for a home purchase. If your credit rating is lower, you may still be able to obtain an Atlanta mortgage but typically at a much higher rate than someone with excellent credit. The reason is because the lending company is taking on more risk by having you as a customer.
People with poor credit history are more likely to default on their loan or miss a mortgage payment altogether. In this housing crisis, banks and mortgage lenders have taken massive losses due to people now repaying their loans, so they are much more stringent in their qualifications for borrowers.
Check your credit report and score today to see exactly what a lender will see prior to ever meeting one. You will be able to fix any errors on your report and have a better understanding of the rates you may be paying.
- For a Free Credit Report, we recommend you visit GoFreeCredit.com
- For help with improving your Credit Score, you can visit GoLookOnline.com