Be Prepared to Explain Your Past Credit History
Be Prepared to Explain Your Past Credit History!
Everything should have a reason
why it happened and how it
will never happen again.
Be Ready to Explain Your Past!
When you are obtaining a mortgage, especially if you are a First Time Home Buyer, you will want to be prepared to explain your past credit history.
This is assuming you had some problems in the past.
You will be asked to provide a Letter Of Explanation for any past derogatory credit that you may have had.
The following items will have to be explained:
- Collections
- Charge-offs
- Late Pays
- Credit inquires
- Liens
- Judgments
- Bankruptcy
- Short Sale
- Foreclosure
We will assist you in the drafting your letter of explanation if need be but they must be your words.
To help you prepare for any questions that the lender may have you should Know Your Credit Health.
Call us today for a free consultation at 239-437-4278.
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Check out the rest our Florida Mortgage University tips for Home Buyers!
Know Your Credit Health |
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