If you are planning to buy a home next year, in 2010, should review your credit score right now. If your score is high, you’re in a good position to apply for a mortgage loan. But if it’s low, you need to work on fixing your credit score before you start applying for loans. Here’s why.
Mortgage underwriting guidelines will be stricter in 2010 than they were in the past. Lenders are simply unwilling to make risky loans these days, following the wake of the subprime crisis that devastated our economy. So you will need to have your financial ducks in a row if you want to be approved for a loan. Among other things, this means fixing a bad credit score (if you happen to have one). Read more…
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