Why Does My Credit Matter?

KNOWLEDGE IS POWER

  Check Your Credit

WHAT IS A CREDIT SCORE?

Your credit score is a number that is based on the following…

MyFICO credit score chart

This information gives lenders an picture of your credit history and the likelihood of you paying them back

WHY DOES GOOD CREDIT MATTER?

Credit is the most important thing when it comes to the Lender deciding if you qualify for a home loan

Your Credit score will determine how much your interest rate will be

The higher your Credit Score, the lower your Interest Rate

WHY IS THIS SO IMPORTANT?

You will have this same interest rate for the life of your loan unless you re-finance your loan at some point

A higher interest rate increases your monthly payment

HOW TO MAINTAIN GOOD CREDIT….

Pay down debt

Make payments on time

Don’t open credit unless you need it

Don’t add to existing credit debt when looking to purchase a home

IF YOU ARE LOOKING TO GET PRE-QUALIFIED: Use Mortgage Lenders as a resource, they will check your credit for FREE and let you know if you have pending issues

Many buyers are unaware of pending issues on their credit report

 Check your credit before you are ready to buy a home so you have time to clear up any credit issues