When you submit the application, you’ll
have to prepay the cost of processing your loan request, getting
your
credit
report,
and appraising the property. Remember, you can get a copy of your
credit report ahead of time, so that you’ll know about credit problems
the lender might question. Or, if you find an error, you’ll have an
opportunity to have the report corrected before the lender sees it.
You’re entitled to receive a free report from each of the three major
credit bureaus — Experion, Equifax, or Transunion — once a year.
To request a free report, visit www.annualcreditreport.com or
call 877-322-8228. If you request a credit report directly through one of the
three credit reporting agencies or through another service, you'll have to pay
a fee.
You’ll need to resolve any discrepancies
between the information your lender discovers in your credit history
and what you’ve written on your applications before the application
process can go forward.
