Last week, we pulled together six common mortgage-related terms and phrases that potential homeowners might be spooked by. Have no fear; this week, we dig up another half-dozen!
6 more not-so-scary mortgage terms you should know
1 — Credit Report & Credit Score
To understand your creditworthiness (how risky it is to let you borrow money), mortgage companies will dig into your credit. The credit report collects information on all the loans you’ve ever had, your payment history, and how much credit you have been approved for, even if you’re not currently using it.