How to Get Accepted for a Mortgage
Posted by Tim Shepard - Broker on
You Could be Rewarded for Good Behavior
If you're planning on a real estate purchase in the near or distant future, it might be worth taking a look at your bill-paying habits. You might be rewarded for your good behavior. When it comes to credit, are you a "transactor" or a "revolver?"
With upcoming changes to the mortgage credit report by Fannie Mae, these terms could mean the difference between getting accepted for a mortgage, or not.
A transactor is someone who pays their credit card bills in full each month, or pays on time and exceeds the minimum requirement.
A revolver is the person who only makes the minimum payment, allowing balances to constantly roll over to the next month. They may also have several accounts on the go.
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