Does consolidating credit card debt hurt your credit

Just know that the lower your credit score, the higher your mortgage rate, assuming you are able to qualify at all.*One important note: Do NOT open any new credit accounts or make any large purchases using your credit cards within a few months before applying for a mortgage.Now that you’re prepared, it’s time to be vigilant and proactive.Avoid predatory lenders and do your interest rate homework. [How to find the best mortgage rates.] With all this preparation behind you, the loan flow will be a comfortable process with few surprises.Most lenders ask that you verify your last 12 months housing history.

You should be able to afford the fully-amortized mortgage payment, and any payment rise if it’s an adjustable-rate mortgage.

This is important to determine the payment shock effect (if any) on the borrower.

Liquid assets are always helpful when applying for a loan, and are almost always a necessity for a first-time home buyer.

Once you’ve got your credit report at your fingertips, analyze it and determine what your monthly expenditures are.

You will see a monthly payment next to each liability on the credit report.

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