MHQ - Mortgage HeadQuarters

A good credit score is important for more reasons than just obtaining new credit. These days, it can factor into everything from landing a new job to getting the best deal on your insurance policies. As a homeowner, there are many more reasons to keep up with your credit score and maintain a healthy credit history. It's more important than ever to avoid late payments on your mortgage . Here are some ways that missing or paying your mortgage late can affect your credit. Late Payments = Dropped Score A 100 point drop for one late mortgage payment? It’s true. A single 30-day-late mortgage payment can cause your score to drop by as much as a hundred points. Credit scoring algorithms vary based on many factors, and in some instances, the damage may be even greater and last for years. The Costs Accumulate At the time, a single missed payment will cost you only a late fee, but the expense really adds up on your next loan or missed opportunity. Low credit scores typically mean a h...

Your credit history is a key factor in determining whether you’ll be able to get a mortgage, and the rate you’ll pay. Your lender will pull your credit report when you apply for a loan to determine your creditworthiness and review your debt-to-income ratio to see if you are financially responsible. This also helps them to determine what loan amount you can afford and at what rate of interest to approve you at. The better credit history you have, the higher loan amount you'll likely qualify for, and at a lower interest rate. To help you get one step closer to loan approval, MHQ Mortgage Headquarters is offering you 5 tips to improve your credit report. 1. Review Your Credit Report for Accuracy Since your credit scores are based on the data in your credit reports, it’s incredibly important to make sure that all of that information is accurate. If you have a mistake or discrepancy on your credit report, your credit score will reflect that mistake. You can request a credit re...