Credit Rating

There are all sorts of subsections but basically mortgage candidates fall into two categories. Prime and sub-prime. As is probably suggested by the expressions themselves, if at all possible you’re going to want to fall into the prime category. There are numerous advantages to this. Firstly, you you will be able to get a lower interest rate. Also, you will be able to get more favorable terms and conditions and if there are any particular special offer going at a particular time than these are more than likely going to be aimed at prime candidates first.

Whether you’re are considered a sub-prime or prime candidate by a loan provider is primarily decided by your credit rating. All of your previous financial dealings will have either a negative or a positive impact upon this credit rating. If you have had some financial difficulties in the past is is definitely worth trying to fix the effect that this will have had on your credit rating before proceeding with a mortgage loan application.

Depending on the extent of your previous financial difficulties, you may be able to simply solve this problem yourself or if the damage is I’ll a more serious nature then you might even consider employing a credit professional who specializes is helping people to fix their credit rating.

The first step along this road is to get your credit report. Once you have your report you’ll be able to sit down what it and go through any potential difficulties. At this stage you be much better place to decide whether this is something you can fix yourself or if you need a credit professional.

Even if it takes some time and cost some money to accomplish this task, it really is worth fixing your credit rating because the advantages over the longer term will greatly outweigh any cost that you experience as a result of doing this in the short term.