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: 802 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!
The good news is that people will still want the security of homeowner
"For Gordon Crawford:
Helped me buy a home
Gordon has helped me buy and sell several properties over the last ten years, with my most recent purchase in 12/2011 in Morris Township. I am always blown away by the expert advice that Gordon and his team bring to these transactions, and the excellent referrals to various specialty contractors that they have given me over the years. And of course, Gordon is a great guy and a lot of fun to work with!"