The dream of owning a home is something that is on just about everyone’s lifetime goal list. It’s one of the things that in some ways signals that we have made it in life and can bring great pride and a sense of accomplishment to many. For many who pursue that dream it can be a confusing undertaking if they are not prepared for the home buying experience. Without a doubt one of the most confusing and often misunderstood parts of the home buying experience is the mortgage process. Sadly, most of us do not have the money to just buy a home outright, so we turn to mortgage lenders to help us finance the home of our dreams.
One of the first things anyone who is interested in owning their own home should understand is the role credit plays in the mortgage process. You are getting ready to ask a lender to make a sizeable loan to you for an extended period of time – often upwards of 30 years. For them to take on this risk, they need to evaluate your creditworthiness – or your ability to pay the money back. They typically look at items such as your credit report which lists how you have dealt with other creditors in the past, your total household...
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