As a former Boy Scout I recall the Scout Motto; “Be Prepared.”  I am reminded of this motto almost everyday now as Florida first time home buyers or owners seek out mortgage financing.  Accumulating debt has reduced qualifying credit scores for many consumers.  That coupled with some late payments has made obtaining conventional Fannie Mae mortgages, almost impossible.  My suggestion?  Be prepared.

Before seeking a home loan approval or checking into conventional Florida mortgage rates; check your own credit history.  You can do this with several credit reporting agencies on the Internet that will at least give you an idea of where you stand.  For exact credit bureau reports I recommend calling or visiting on-line, each credit reporting bureau; Equifax, Transunion and Experian.  You should be entitled to a free report annually from each bureau.

After you have your credit report you can review for accuracy and correct any reported mistakes that may keep you from some of the lowest interest rates available.  Remember, when looking for the lowest available fixed rates at the lowest costs, you want to consider a Fannie Mae type program which requires you to qualify with reasonably decent credit scores.

Of course when you have reviewed your credit history; make sure you contact a mortgage professional to assist in evaluating which mortgage program suits you best.

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