When you are looking for a mortgage loan -

- The interest rate you get, the type of mortgage, and the down payment on that new home, are all determined by an underwriter who must adhere to a formal set of rules and guidelines that determine whether or not you qualify for the mortgage loan you applied for; if exceptions to the rules and guidelines can or cannot be made; and if your rate and terms are accepted or must be adjusted due to credit problems, income problems, or equity problems. 

What underwriters look for is:

• CREDIT (How well you pay your bills)

• CAPACITY (Income and overall budget)

• COLLATERAL (Available equity)

Calculate your new mortgage payment.

Important information from the Federal Trade Commission, the nation’s consumer protection agency: annualcreditreport.com is the ONLY authorized online source for you to get a free credit report under federal law. You can get a free report from each of the three national credit reporting companies every 12 months. Some other sites claim to offer "free" credit reports, but may charge you for another product if you accept a "free" report.

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Credit/Qualify Module Contains -

ftc.gov/bcp/conline/edcams/credit/index.html

Avoiding Credit & Charge Card Fraud

Excellent articles presented by the FTC:

Credit and Your Consumer Rights
[PDF version] Explains credit laws that protect your right to obtain,  use, and maintain credit. Offers practical tips to help you solve credit problems.

Credit Repair: Self-Help May Be Best
[PDF version] Explains how you can improve your credit worthiness and lists legitimate resources for low or no-cost help.

Fair Credit Billing
[PDF version]
The Fair Credit Billing Act establishes procedures for resolving billing errors on your credit card accounts. Includes sample dispute letter.

Fair Debt Collection
[PDF version] Answers commonly asked questions about your rights under the Fair Debt Collection Practices Act, which requires that debt collectors treat you fairly and prohibits certain methods of debt collection.