Do you know how your credit score can affect your mortgage rate? The higher your credit score, the lower your interest rate, which translates to more purchasing power. Lenders look for borrowers with low balances, a long history of on-time payments and a mix of credit utilization -for example, an auto loan and a few credit card accounts. The lenders look at outstanding debt relative to available debt, the length of credit history and any new credit applications. Ideally a borrower should check their credit approximately a year before buying a home. That allows for time to correct any errors and change the way a borrower uses credit to improve scores. You can obtain your credit report from Equifax, Experian and TransUnion for no charge. You should get the reports from all three and check them carefully for any errors. You can easily dispute any errors and then make sure that they get corrected. If you're buying a home soon, try not to apply for new credit as multiple new accounts can lower your score. So, happy saving - your credit is important!
Author:Margaret Laurano Phone: 201-859-6323 Dated: August 20th 2015 Views: 788 About Margaret: Margaret has over 30 years of experience with a background in commercial real estate which gives her...
The Crawford Home Selling Team is one of the premier real estate teams in NJ. Consistently ranked in the top 100 teams in the country, our motto is treat every client like they are your only client. Give us a call and let us show you what we can do for you!
Tax Reform is the new reality.It is going to be interesting to see how
"For Gordon Crawford:
Recommended to us by a friend, Gordon and his team of professionals provided the support we needed to first decide we wanted to sell, determine the value of our home, stage it for showing and negotiate a speedy sale. Gordon listened to our concerns and took our feelings and needs into consideration at every turn. His team is the best. They are truly dedicated to their clients. I would use Gordon again and recommend him to anyone without reservation."