Mortgage Information from HUD
Mortgage Planning Help
Home Buyer's Guide Step 1
Check Your Credit Report
Assessing your credit is the first important step to buying a home—and you can get started without spending a dime. Most home buyers can’t buy a house without a mortgage, and a reputable lender will include a credit assessment in their determination to give you a home loan.
- Give yourself an advantage in the mortgage approval process by making sure your credit history is as clean as possible.
- Get copies of your credit report a few months before you begin house hunting.
- You can obtain free credit reports every year from the three major credit reporting agencies— Experian, Equifax and TransUnion—thanks to the 2003 Fair and Accurate Credit Transactions Act. You can request your reports from www.annualcreditreport.com, the only authorized source for consumers to access their annual credit report online for free.
- Review your credit report thoroughly and make sure the facts are correct. If there are any problems or inaccuracies, contact the credit reporting agencies directly:
Experian:
www.experian.com
Equifax:
www.equifax.com
TransUnion:
www.transunion.com
How to Analyze Your Credit Report Before You Buy a House
If you’re not sure how your credit assessment will influence the lender’s mortgage approval decision, talk to a qualified advisor. An objective, trustworthy mortgage lender will tell you if you’re better off waiting to clean up your credit before you apply for a mortgage. A strong credit report will strengthen your home loan application—and possibly save you money in the long term.
NEXT STEP: Find a Real Estate Agent
- Don’t fly solo in today’s real estate market.
- Learn why interviews matter in your real estate agent search.
