A new government report shows proof that bad credit mortgage loan borrowers will be charged higher fees. Bad credit mortgage loan borrowers have always paid the price in higher fees because of their poor credit situation. The new government guidelines for government backed loans show higher fees for lower credit scores. If you're a current home owner or would be home borrower don't you think it's time to take control of your credit profile and hedge yourself against paying the higher fees.

As the Ex Mortgage Broker, I'm always surprised at the lack of knowledge most home refinance prospects 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 cars and unsecured credit, not mortgage loans.

Unfortunately most homeowners 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 report. 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 lower than 680, 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 credit repair process goes something like this; obtain a copy of all three credit bureau reports and find an online reporting service that will monitor your reports for changes and notifying you immediately. Once you have that service in place you can work with one of the popular online legal firms who can initiate the negative item disputes for you. The real key to working with the top online credit repair services is to provide updated credit reports as soon as changes are made.