Credit Supplements

A credit supplement is a report that is ordered by a mortgage lender to verify information on a borrower's credit report. It can be used to confirm the borrower's payment history, current balances, and any new accounts that have been opened since the original credit report was pulled.

Credit supplements are typically ordered when there are any discrepancies on the borrower's credit report, or when the lender needs to verify recent changes to the borrower's financial situation. For example, if the borrower has recently paid off a large debt, or if they have opened a new credit card, the lender may order a credit supplement to confirm these changes.

Credit Payoffs

A credit payoff refers to the process of repaying an outstanding debt in full, typically prior to or during the mortgage application process. Paying off credit accounts can have an impact on a borrower's credit profile and may influence their eligibility for a mortgage loan and the terms they can obtain.

Here are some important points to understand about credit payoffs: