Many people ask me how hard it is to get a Mortgage these days. I simply say: As long as you have good credit; and a small down-payment (3-3.5%); you should no problem obtaining a mortgage.
So what DOES Your Credit Report look like? Have you checked it lately? Why not ?!?! It's FREE !!!
EVEN IF YOU ARE NOT PLANNING ON BUYING A HOME.... You still need to check your credit at least once per year. Mistakes can happen. Identity Theft can also happen.
I highly recommend AnnualCreditReport.com This is the ONLY site sponsored by ALL 3 Credit Reporting Agencies; TransUnion, Equifax, and Experian. There are many sites out there that if you "google" credit report; will pop up. Many of these sites want to charge you a fee or have you sign up for Credit Report
Guard; or some such service with fees associated.
Now what you won't get for free is a 'Credit Score'. Each agency gives you the option to a obtain a score; you will need to pay between $6 and $8. The score will be displayed as soon as you punch in your credit card number; along with 5 reasons why your score isn't better (even if you have an excellent score). However this score is not a "FICO" score; (the score used to obtain loans and mortgages); but it will give you an excellent idea of where you sit.
You can get your FICO Score from MyFicoScore.com for $16 (from 1 agency) or $48 (from all 3 agencies).
What you need to keep in mind is that when you obtain a mortgage; lenders use a 'Tri-Merge' score to get your 'FICO Credit Score'. Basically they use scores from all 3 agencies and use the middle score.
I don't believe there is any need to run 3 scores. If all the information on your report is correct; the scores should not vary considerably. The key rate is 760 - that will get you some of the best interest rates.
Check your credit; make sure it's right and if it needs some work; fix it BEFORE you decide to go shopping for a home.
Call James for all your Real Estate needs and questions; servicing Virginia, Maryland and the GreaterWashington DC area.
Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100
Washington DC 20016
202-351-5800 Main Office
