| tart --> | | | | find out they offer incredibly poor service. It is |
| As with many tasks in life, preparation and hard work | | | | estimated that up to 50 percent of all credit reports |
| go a long way to securing success. If you intend to | | | | may contain incorrect information. The agencies |
| apply for financing for a home, preparation is definitely | | | | cannot even get their act together on basic things. For |
| the key and it does not require much work. | | | | instance, they were fined a total of 2.5 million dollars in |
| Assume you are going to sit for your college entrance | | | | 2000 for failing to provide phone numbers where the |
| exams. Obviously, getting the best score possible on | | | | public could reach them. |
| them is crucial. You want to go the best possible | | | | Once you get the credit reports, read them closely. |
| institution of higher learning. Given this fact, are you just | | | | You will probably find all types of listings that are not |
| going to waltz in and take the exam or are you going | | | | yours. Challenge these immediately per the information |
| to prepare yourself as much as possible? Unless you | | | | provided on the reports. Your credit score is a |
| are Stephan Hawking, you are probably going to put a | | | | significant part of the evaluation process for your |
| lot of time and effort into preparing yourself for the big | | | | application. Upgrading your credit by challenging errors |
| test. | | | | can move your credit score enough to get you better |
| Applying for a home loan is a test of sorts. A lender is | | | | interest rates and save you tens of thousands of |
| evaluating a number of factors to see if you "pass" | | | | dollars. |
| the basic requirements for approval. These factors | | | | Beyond your credit score, you should look at your |
| can include everything from your employment history | | | | overall assets. Make sure you identify where all of |
| to credit score. Buying a house is an important | | | | your assets are [stocks, bank accounts, mutual funds, |
| moment in your life. Are you going to apply for the | | | | etc.] and get documentation to support the fact they |
| lender test without preparing for it? You are taking a | | | | exist and for how much. Also, get copies of all your |
| huge risk if you do. Just like college entrance exams, | | | | tax returns, state and federal, for the last three years. |
| preparing for your home loan application will help you | | | | If you are self-employed, you should also gather all tax |
| get approved with the best rates. | | | | returns for any business entity you work under. |
| The first thing you should do before applying for a loan | | | | When you make the decision to apply for a home |
| is order your credit report from the credit agencies. | | | | loan, don't just run out and apply. Take the time to get |
| The big three are Equifax, Trans Union and Experian. | | | | your credit report in good shape and get together the |
| Given their important role, you might be surprised to | | | | documentation you will need. |