How do I check my credit before I apply?
Get your free reports from Equifax, Experian and TransUnion at AnnualCreditReport.com, the official site. The three credit bureaus now offer free reports there every week. Checking your own credit doesn't affect your scores, so look a few months before you plan to buy if you can.
What if I find an error?
Dispute it in writing with the credit bureau that shows it, and with the company that reported it, such as your bank or card issuer. Companies that report information generally must investigate and respond within 30 days of receiving your dispute. Fixing an error before you apply can save time in Underwriting The lender's review of your full application to confirm the loan meets its guidelines. See the full glossary.
How long do late payments and other marks stay on my report?
According to the CFPB, credit reporting companies can generally report most negative information, such as late payments, collections and foreclosures, for seven years. A Chapter 7 bankruptcy can stay for up to 10 years, and a Chapter 13 bankruptcy generally for seven.
Accurate negative information generally can't be removed early, so be wary of companies that promise to erase it. What helps is time and a clean record from here: on-time payments and low card balances count for more as old marks age. Loan programs also set their own waiting periods after a bankruptcy or foreclosure, so ask Tom where you stand before you assume you have to wait.
Will shopping for a mortgage hurt my credit?
No. According to the CFPB, multiple credit checks from mortgage lenders within a 45-day window are recorded on your credit report as a single inquiry. That means you can compare pre-approvals and Loan Estimates from several lenders. As a broker, Tom can compare many lenders' options for you.
Why do other lenders call after I apply?
Those calls usually came from "trigger leads," where credit bureaus sold notice of a mortgage credit check to other companies. The Homebuyers Privacy Protection Act, which took effect on March 5, 2026, now limits that. A company generally needs an existing relationship with you, such as your current mortgage or bank account, or your permission, and must be making a firm offer of credit.
To cut down on prescreened offers in general, you can opt out at OptOutPrescreen.com or 1-888-567-8688.
What credit score do I need?
It depends on the loan program and the lender, and your score also affects pricing. Rather than guess, talk with Tom: that first conversation doesn't pull your credit, and he can tell you which programs may fit and whether a little time on your credit could open better options.
Fannie Mae dropped its fixed 620 minimum for loans run through its automated underwriting system in November 2025; what that change means.
What is debt-to-income ratio, and why does it matter?
Your Debt-to-income ratio (DTI) Your monthly debt payments divided by your gross monthly income. Lenders use it to judge what you can afford. See the full glossary (DTI) is your monthly debt payments divided by your monthly income before taxes. The debts include the new house payment (principal, interest, property tax, homeowners insurance, and any Mortgage insurance (PMI or MIP) Insurance that protects the lender on many loans with a smaller down payment. It's added to your payment and can often be removed later. See the full glossary or condo fees) plus car loans, student loans, minimum credit card payments, leases, and child support or alimony. Everyday costs like utilities, groceries and phone bills don't count.
For example, a household with $8,000 a month in income, a $2,400 house payment and $480 in other monthly debts has a DTI of 36%.
Each loan program sets its own limits. Fannie Mae's guide caps total DTI at 36% for loans underwritten by hand, allows up to 45% when credit score and savings requirements are met, and allows up to 50% for loans approved through its automated system. FHA's handbook starts manually underwritten loans at 31% for the house payment and 43% for all debts, with room above that for stronger files. Lenders can set tighter limits of their own.
In New Hampshire, property tax is part of the house payment, so the same price can mean a different DTI from one town to the next. The affordability calculator estimates a price range from your income and debts, and buying power by town compares towns side by side.
How do I protect my credit until closing?
Lenders often check for new debt again shortly before closing. Until you have the keys, hold off on new credit cards, car loans and large purchases on credit, keep paying every bill on time, and tell Tom before any big financial change. What happens after you apply walks through each step to closing.
Tools for this topic: Affordability calculator · Rent vs buy
Sources
- FTC, You now have permanent access to free weekly credit reports (October 2023)
- CFPB, What exactly happens when a mortgage lender checks my credit?
- CFPB, How do I dispute an error on my credit report?
- NAMB, Understanding the trigger leads ban (Homebuyers Privacy Protection Act)
- CFPB, How long does information stay on my credit report?
- CFPB, Is it possible to remove accurate but negative information from my credit report?
- CFPB, What is a debt-to-income ratio?
- Fannie Mae Selling Guide B3-6-02, Debt-to-Income Ratios
- HUD Handbook 4000.1, FHA Single Family Housing Policy Handbook (manual underwriting ratios)
Checked October 2026. Limits and program rules change, so confirm current figures before you rely on them.
General information only, not tax or legal advice. Program availability, eligibility and terms vary by lender and are subject to change and to underwriting approval. Not a commitment to lend.