Home Loans
Your Credit Balances, Your Credit Score, and Your Mortgage
(presented by www.refinance-refinance.net - mortgage lenders)
By Ben Afzal
Basics
Your credit balance is affected by:
- outstanding balance
- maximum available credit
- total credit lines
Outstanding Balance Your credit report is usually very up to date with your balances on each account.
Check your credit report to see if this is true. If not, you may be able to provide your mortgage lender with updated proof that your mortgage balance is lower. For example, you may have paid off a credit card entirely but this has not shown up on your credit report yet.
Mortgage lenders will also look at your monthly debt burden in deciding whether to approve your loan, or what size loan you are eligible for.
Maximum Available Credit
Your credit score starts becoming affected when your outstanding balances become close to the maximum available credit. This is easy to see on a credit report.
Total Credit Lines
This is the total number of credit lines you have that have large outstanding balances.
If you have small credit card maximum available limits you may not have run up much debt even though you are close to your limits. This may be treated differently by a mortgage lender than a borrower who has much larger outstanding balances on larger credit lines.
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For additional Mortgage Refinancing information
and resources visit Mortgage Refinancing.
(http://www.refinance-refinance.net)
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