Washington Mortgage
Home Loan

Virtually anyone with a job can get a Washington mortgage home loan. But, all of them might not be happy with the interest rates and payments offered based on their credit ratings.

But don't worry. It is possible to improve your credit before seeking a Washington mortgage home loan. In fact, it's a very smart thing for anyone with less-than-perfect-credit to do before applying for any kind of loan. There are steps anyone can take to improve their scores and chances for getting a decent mortgage loan rate.

Determine Credit Score

Find out exactly what a personal credit score amounts to before considering a loan. Most people can access their personal credit reports for free online, and obtain these results from the biggest credit bureaus, TransUnion, Equifax and Experian. It's important to check with all three since it's impossible to tell which bureaus a particular lender will use.

With credit reports in hand, look them over for errors, false reports or even trouble spots that can be easily cleaned up by settling up an old, forgotten debt. Report any disputes to the credit bureau listed.

It might take a little time to see the results of the work, but if this is done early in the game, your scores will likely improve before a mortgage loan is sought out in Washington state.

Pay Down Debt

Beyond credit scores, mortgage lenders also look at debt-to-income ratio. This is the amount of debt (credit cards, student loans, car payments) a person has versus monthly income. When this number is too high, loans simply don't go through. And if they do, the rates will be through the roof.

The best ways to fix this number and your credit ratings is to:

• Pay down high interest rate/balance cards. One of the best ways to achieve this is to pick the smallest card and put extra money on it. Pay it off and then apply those payments to the next highest balance card, and so on.
• Close unused accounts. It's simply not necessary for most people to have ten credit cards and three lines of credit. Pay off and close those that are not used or needed. The monthly or annual fees might be showing up in the debt-to-income ratio figures. Every little bit counts.

One of the smartest ways to enjoy the best Washington home mortgage loan rates is to ensure that your credit standing is decent before talking to a lender. If it's not, fixing it can make a huge difference in the bottom line.

Let us match you with the perfect Washington lender for your specific needs. For a free, no obligation mortgage consultation with a mortgage consultant who specializes in your needs . . . CLICK HERE