How do I obtain a credit rating for a mortgage?
Wednesday, June 24th, 2009 at
10:08 am
Desi asked:
I have just moved to Florida from the UK and wish to buy a house,do I need a credit rating to obtain a mortgage. I have owned a property in Sarasota for four years, will this count?
I have just moved to Florida from the UK and wish to buy a house,do I need a credit rating to obtain a mortgage. I have owned a property in Sarasota for four years, will this count?
Tagged with: Buy A House • Mortgage • Sarasota
Filed under: Credit
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sure will but any property that you buy now will be a second home or if in the Bay area it will be investment property as you own one there now. So you will need in most cases higher down payments
You have a credit score, if at anytime in your adult life you used a charge card. Does not matter that you were not a resident of the US
Just shop for a mortgage, getting the lowest rate and the lender will take of everything else
You don’t apply for a credit rating, you are assigned a credit rating when you open or apply for or maintain credit. It’s a number that will tell your potential lenders what you owe, how much of your income you owe to creditors and how you have paid off that creditor–whether it’s been on time, or late, or otherwise.
If you own property now you don’t necessarily have a credit rating. You need a social security number–if you earn money in this country, you will have one of those–and you need to have an open credit account somewhere–if you have a UK credit account anywhere, you can use that for rating you.
Ownership of anything does not qualify you for a credit rating if there are no payments being made. You may not be able to establish credit with your UK connections yet. You may have to live in this country for a minimum period of time–(say a year or more) before establishing a credit rating.
Either way, if you have a sizable down-payment and you’ve been working at the same job for a while, and you have credit in the UK, you may be able to establish enough of a rating to qualify for a mortgage.
The only way you can find out is to apply for the mortgage or go to a loaning agency (bank, mortgage company) and ask them to check your situation for you; you may then be able to make an application for the mortgage loan.
What I have learned as a practitioner.
Your credit rating is calculated by each individual lender. Sites such as freecreditreport.com can give you a very close estimate, but I have learned that it is not exactly the same as what the bank or lender will use.
I recommend that you contact a lender directly and work on being pre-approved. Since you are currently in the UK, they will likely have to determine the rating for themselves.
Good luck.
freecreditreport charges you for your FREE reports – the feds are after them for false advertising
Get it free at
annualcreditreport.com
Almost all mtg lenders do not look at your score – even though they get them.
They analyze your report, your employment history and your salary.
Forget the score – make sure your reports are perfect, and you have little debt.
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