If you’re planning on buying a home, before you start the process, you should obtain a copy of your credit report. By doing so, you can then check to be certain that all the information on it is accurate, and that all your debt is properly reported. There are creditors who do not report to the credit agencies.
Undisclosed debt is a certain way of being turned down for home financing, even if your failure to disclose the debt was an honest mistake. The best and only approach is complete honesty and transparency.
You, as a potential borrower need to take into account all activities that impact their credit. This means that when applying for mortgage financing you have to be completely candid with your loan officer to be certain nothing comes up later in the process that will “kill the deal.”
For information or assistance with your real estate transaction, contact The Law Office of Black and Buono.