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July 29, 2006
Buying A Home With Bad
Most people need a mortgage for buying a home. Mortgage lenders generally lend money only to people who have a favorable credit report. A credit report is a statement of a person's creditworthiness. It is a statement of any past loans the person has taken, the punctuality of the loan repayment, length of credit history, types of credits used and recent credits obtained. Banks and lending companies use credit checks to determine how risky a person is as a borrower and whether he/she qualifies to receive a loan or not. A good credit report would make the loan process easier. Some lenders may also reduce the interest rate on the mortgage. The bank or the lending company does frequent reedit checks. The reports can also be obtained from credit rating agencies such as FICO, Beacon, or
Posted by Richard at July 29, 2006 03:07 PM
