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« 5 Ways Your Credit Affects Your Mortgage Application
Credit Inquiries and Mortgages »

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Current Credit Balances and Your Mortgage
(presented by www.refinance-refinance.net - mortgage lenders)



By Ben Afzal

Basics

Your current credit balances are measured by:

Maximum Available Credit

Your individual credit lines are listed on your credit report.

These credit lines include credit cards, mortgages, car loans, and other forms of credit.

Listed on the report is the maximum available credit. This limit can be updated on your credit report as your credit limits change.

Current Balance

Your credit report also lists your recent balance on individual lines of credit.

This may be out of date, and you may be able to submit to a lender documentation showing that you have paid down or paid off some debt. This may help your application.

Minimum Monthly Payment

The credit report will usually also list your minimum monthly payment. These payments will be added together to figure out your monthly debt burden. A lender will add the debt burden of your proposed mortgage loan to see if you qualify for a loan.

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The total debt burden is compared to your monthly pretax income. You may qualify for a loan with some lenders and not with others. Also, lenders have different guidelines for different loan programs, so you may be eligible for one type of loan and not another with the same lender.

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This entry was posted on Tuesday, October 10th, 2006 at 2:29 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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