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Credit
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| Most people have had a time when their credit has been less than perfect. The Mortgage Lender, Inc. understands that and have found programs to suit our clients needs. Bad credit does not mean that you are excluded from owning your own home. There are several ways to improve your credit (see below) and The Mortgage Lender, Inc. is committed to helping you improve your credit at no charge. |
| The Three C’s of Credit The lenders look at credit and base their decisions on the three C's of credit; they are collateral, capacity, and character. Collateral is the asset that secures payment for the home you about to purchase. Capacity is what lenders look at to evaluate your ability to pay your existing debt with your current income, this is referred to as DTI or Debt-To-Income. Character refers to your payment history and length of employment. Each lender has different criteria for meeting the three C’s. |
| Ways To Improve Your Credit There are some simple steps to repair your credit. |
Click here to learn how you can clean up your credit... |
| Avoid Unnecessary Inquiries Inquiries can stay on your report for 2 years, unless you check your own credit. Lenders who are looking at your credit may assume that other lenders have turned you down, or that you may be increasing your expenses and your capacity to pay off these bills in an addition to a mortgage may put you in Payment Shock. In this instance, shopping around for the right mortgage may shop you out of a mortgage. |
