http://lame.dei.uc.pt/api.php?action=feedcontributions&feedformat=atom&user=ZeldaMusgrove512Lame - User contributions [en]2026-09-08T21:45:41ZUser contributionsMediaWiki 1.18.0http://lame.dei.uc.pt/index.php/ZeldaMusgrove512ZeldaMusgrove5122012-05-14T18:24:39Z<p>ZeldaMusgrove512: Created page with "Require a Real Estate Loan? Mortgage Credit Requirements Not the Same as Auto Financing Qualifying for any property purchase requires different credit than auto financing or ..."</p>
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<div>Require a Real Estate Loan? Mortgage Credit Requirements Not the Same as Auto Financing<br />
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Qualifying for any property purchase requires different credit than auto financing or credit cards. In fact, you might be able to go out and purchase a brand new car today, however, you may be rejected for a mortgage. On the other hand, you could buy a house and be rejected for an auto loan.<br />
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Perhaps you recently applied for a line of credit and were told that your credit rating was excellent. When you make an application for an auto loan or a consumer credit card, the scoring model computes a different credit rating than whenever a mortgage lender runs your credit. Your credit ratings differ for various types of loans. Plus, mortgage brokers run all three credit reports in most cases take your middle score as their basis for your loan requirements.<br />
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However, some mortgage companies, especially non-prime lenders, will use your highest credit score. For a mortgage refinance, some lenders don't even run a new credit history if all your mortgage payments were made promptly. They use the credit score from when you initially applied with them.<br />
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Besides your credit score, mortgage lenders consider your debt-to-income ratio and other credit matters, unlike other kinds of credit grantors. Your debt-to-income ratio may be the comparison of mortgage payment, including taxes, interest, and insurance to your total gross monthly income.<br />
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Property lenders also consider:<br />
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Your education<br />
Your earnings<br />
Your employment qualifications<br />
Your overall monthly debt payments<br />
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Understanding the difference between a good credit score and the credit required for real estate mortgages helps you refinance your mortgage or buy your ideal home.</div>ZeldaMusgrove512