Home Buying Terminology - Credit Reports

An A-to-Z review of common terms you'll encounter during the home buying process.

Credit Reports -- A credit report is like a report card that grades you on past credit usage. Actually, you have three credit reports, one from each of the credit bureaus mentioned in the last post.

Your credit report leads to your credit score. Mortgage lenders base their lending decisions (whether or not to loan you money) mostly on your credit score.

Obtaining copies of your credit report should be one of the first steps in your home buying process. That way, if you find any mistakes on your report, you can work to get them cleared up before filling out your mortgage application.

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Learn more home buying terms at HomeBuyingInstitute.com
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