How Do You Understand Mortgage Lates On A Credit Report?
Most people know that mortgage lates bring down their credit score, but mortgage lates also negatively affect people in other ways. Mortgage companies take several things into consideration when deciding on an interest rate for a new mortgage loan. The main things they look at are the mid FICO score (lowest mid score for joint loan applications), late mortgage payments in the past 24 months, and income to debt ratio. If you’re thinking about getting a loan modification or new mortgage, keep in mind how mortgage lates will affect your loan. Step 1 Understand how mortgage lates are used by lenders to increase interest rates. Mortgage lates on FICO credit scores are reported as 30, 60, and 90 lates. They decrease your FICO score significantly especially if they’re recent. If mortgage lates are made continuously one month after another, the lender sees these as rolling lates. Rolling lates are detrimental to credit scores and to people trying to get a mortgage or loan modification. When a
