Your credit report contains credit scores that have a direct impact on the availability and the terms of your mortgage. The higher your score is, the better the rates and terms will be.

Credit score information is provided by 2 main national bureaus: Transunion and Equifax.  Computer risk models track how borrowers pay their bills and identify payment patterns.

Late & missed payments have a tremendous effect on your credit score.  These scores & repayment patterns are very closely scrutinized by your mortgage specialist & subsuquently mortgage lenders & insurers.

The very best thing you can do for your credit rating is to be sure that all monthly payments are paid in full and on time.  Even though it may seem trivial, even missing a very small minimum payment multiple times can have an effect on your credit. 

It has never been easier for people to make monthly payments.  Whenever possible take full advantage of online banking, pre-authorized payments & e-bills, to protect your credit rating.