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A recent government report shows proof positive that bad credit borrowers will be paying higher mortgage loan fees. Of course the concept of paying higher fees for those with a lower credit score has always been the case, however now the government is publishing specific fee charts. Whereas in the past higher fees were in unwritten rule, now it's a published fact. Now consumers have even more reason to get a handle on their own credit profile and begin the process of removing negative items which may be holding their credit score lower than it needs to be.

As the Ex Mortgage Broker, I'm always surprised at the lack of knowledge most home loan borrowers have in terms of maintaining control of their own credit report profile. Many homeowners believe they are either stuck with the credit they have or have no idea of what their true mortgage credit score is. I mention mortgage credit score specifically due to the fact that mortgage credit scores are lower than consumer credit scores. Consumer credit scores are scores used to determine creditworthiness for loans such as automobiles and credit cards, not mortgage loans.

Unfortunately most would be home mortgage borrowers never check their credit score until after they begin the mortgage loan shopping process. As you may or may not know the credit bureaus owe you one free copy of your credit report every twelve months. Notice that I said free. It still amazes me that homeowners still approach the mortgage loan shopping process with no clue as to what is contained in their credit bureau profile. Why would anyone pay higher mortgage loan fees if they really don't have to? The answer is - as I stated above, consumers are either in the mindset that they are stuck with what they have or have no ability to change negative credit if they wanted to. That answer could be no farther from the truth.

So what should you do if you're planning on a mortgage loan refinance a new home purchase? The first thing I would suggest depending on how far out these plans for home loan financing exist is to get a free copy of your credit reports from each of the three credit reporting agencies. Each credit bureau will provide you with a three digit score in mortgage lenders use the middle score to fit you into their lending guidelines. Remember the score that you see is the consumer score and not the mortgage credit score so plan on your true mortgage credit score being lower.

Under the new Government guidelines you'll be paying higher than normal fees for any mortgage credit score below 680. If you currently have negative items on your credit report which are holding your score under that limit there is a solution to your problem. The solution is credit repair however before you run off screaming in fear with all of the credit repair myths, let me say this. Legal credit repair is real and available however if you don't know the process or where to begin you could make some huge mistakes along the way. On the other hand if you get your hands on my step-by-step process it's amazingly simple and can change your life forever.

The fundamentals of credit repair contain three distinct steps. Those steps include getting access to all three credit bureau reports, monitoring changes on your credit reports, and working with an online credit repair service. The speed at which negative items are removed from your credit profile is directly related to your ability to notify the credit repair agency of changes on your credit report. A smart homeowner should continually monitor their credit report profile for changes and avoid the last minute rush to dispute negative items which could take 30, 60 or even 90 days to complete. Several online credit report monitoring services are available for a small monthly fee and a potentially save thousands in higher fees and low credit scores.