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Buying A Home

Achieving the dream of home ownership is one of the most exciting accomplishments of life; it is also the largest investment you may ever make. Mortgage insurance can help you get into your dream home sooner because it allows you to put less money into the down payment on your loan. And when it comes to protecting your home and your family from the repercussions of financial loss, you want the flexibility offered by a broad range of life insurance products to help meet your family's unique needs if ever you couldn't be there in the future.

Before You Start Looking

Before you head out to look at properties, get your finances in order. If you haven't reviewed your credit records, do it immediately. It isn't unusual for records to contain errors--and they can't be fixed overnight.

Get as many credit report problems corrected before you talk to a mortgage broker or lender. Here are some tutorials to help you check and correct your credit reports.

What Kind of Information Is On Your Credit Report?

Your credit report is an ongoing look at your personal information and how you manage your finances. Data is typically submitted to a credit reporting agency by your creditors, by the court system or from other public records, and by debt collection agencies.

Once a notation is made on your report, it doesn't drop off for awhile. That's not a problem for positive entries, but negative comments by your creditors can affect your buying power for several years. If the comments are accurate, they can stay on your report for seven years. Bankruptcies can remain on your report for ten.

Personal Information on Your Credit Report
These items are not used to evaluate your credit history. They are gathered from information you give to your creditors.

• Full name and variations of it (such as maiden names)
• Social security number
• Birth date
• Current and previous addresses
• Current and past places of employment
• Driver's license number and state where issued

Public Records and Collection Accounts
Data is collected from the court system and from debt collection agencies.

• Liens and judgements
• Bankruptcies
• Foreclosures
• Wage attachments
• Accounts in collection

Your Credit History & Current Obligations
Reported by your creditors.

• Dates accounts were opened
• Types of accounts (revolving, installment loan, mortgage)
• Account balances and credit limits
• Payment history for each account, including late payments
• Unpaid child support and overdrawn checking accounts can also be listed

Credit Inquiries

• Inquiries made when you are seeking new credit; too many inquiries in a short time are viewed negatively
• Inquiries made for promotional mailings, by your current creditors, and by yourself for informational purposes; these inquiries are not viewed negatively