Best Terms for Your Home Purchase

“A bank is a place that will lend you money
if you can prove that you don’t need it!” – Bob Hope

You want to be able to negotiate the best terms for your next home purchase. In order to do so, you will probably have to clean up your credit report so that you appear to the lender to be as small a credit risk as possible. Very few people have perfect credit but it is helpful to be as near perfect as you can.

Being habitually late in making payments is considered by some lenders almost as bad as not making payments at all. Perhaps you have had a good history of making payments on time and then, for whatever reason, have been late with your payments for several months. If you have resolved that problem and are back on track, it is best to be honest with the lender and explain the reason(s) for your late payments.

If you have missed payments with a creditor and non-payments appear on your credit score, if at all possible, try to bring your payments up to date or pay off the debt in full. When you have accomplished this goal, contact the creditor and request a written confirmation of payment and that they inform the credit agencies to update their records.

If the problem cannot be resolved to your satisfaction, write a letter to the credit agencies explaining that you have made payment. This letter will be made part of your credit file and will be seen by any lenders who consider extending credit to you.