Due to the winter weather, some Pinnacle offices will be closed or have reduced hours. All weather updates will be posted to PNFP.com/Weather.
Due to the winter weather, some Pinnacle offices will be closed or have reduced hours. All weather updates will be posted to PNFP.com/Weather.
Although the government and the financial services industry are working to improve the prospect of more Americans getting mortgages, it can still be a challenge. Many banks have adopted stricter lending rules as a result of the financial meltdown in 2008.
Here are four steps to increase the likelihood that you will qualify:
Your credit score is based on your financial situation and how well you have managed your credit in the past. If your score is low, you may have trouble getting a mortgage or you may face stricter loan terms.
The three national credit bureaus systems in the United States are Equifax, Experian and TransUnion. These national credit bureaus are for-profit companies owned by their shareholders. They are not government entities or funded by the government.
While many creditors report information about your account to all three credit bureaus, some choose to report only to one or two. The credit bureaus don’t share their data with each other, so your reports may show different information. When creditors, landlords and potential employers check your credit information, they can pull your credit report and score from any of the credit reporting companies. That’s why it’s important to check your reports from each of the three bureaus.
Looking at your reports can also help detect identity theft, because you may find evidence of someone trying to open new accounts or obtaining credit cards in your name. You are entitled to one free report from each of these credit bureaus every year and can request them at www.AnnualCreditReport.com.
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