Improve Your Standing with Lenders

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What can I do to improve my finances and look more attractive to lenders?

Improve Your Standing with Lenders

OK, so you know you have bad credit. But you don't want it to affect your mortgage rate and you don't want a bad credit mortgage loan. There are steps you can take to lower costs and improve the terms of your mortgage.
* Make sure all other financial information is filed with your loan application, including income sources and employment history.
* Have a stable income. Lenders look at how long you have held your job. Having assets helps.
* Pay bills on time. Late payments are a red flag, especially if you made late mortgage payments on a previous home.
* Settle old debts. Your lender will look at your history and pattern of paying bills. A lot of unpaid, old loans is a problem.
* Don't ignore debt. Paying late is better than paying nothing. Lenders look at your willingness to pay off your bills.

   

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