Why Does Your Credit Matter When You Buy a Home?

Why Does Your Credit Matter When You Buy a Home?

If you're in the market to buy a home, you'll quickly learn that your credit score matters. Your credit history is one of the most important factors that lenders consider when deciding whether to approve you for a mortgage. In this article, we'll explain why your credit score matters when you buy a home. What Is a Credit Score? Your credit score is a three-digit number that represents your creditworthiness. It's based on the information in your credit report, which includes your payment … Continue reading...

Get Better Mortgage Rates If You Improve Your Credit Score

In what might feel like a cruel plot to keep home buyers stuck and unable to actually buy a home, lenders use factors including your credit score to determine your mortgage rates. You need to take a look at your credit score early in the game. You might need to clear some errors up on the credit report. It's not uncommon, but it's best handled before you start applying for mortgages. Why? The worse your credit, the higher it will raise your rate. The higher your rate is, the more you will pay … Continue reading...

FICO Score 9 Could Improve Your Credit Score

Did you know that the new FICO Score 9 is different, or that when it fully rolls out, you credit score could jump up? If you've had trouble finding a pre-approval for a mortgage because of medical debt or collections you have already paid off, you're in luck!  Financial independence and home-ownership may be closer than you realize! The FICO Score 9, which some banks are already using to find credit scores for home buyers, will make it so that medical debt has much less impact on your score. … Continue reading...

How Seriously Do Lenders Take Your Credit Score?

How Seriously Do Lenders Take Your Credit Score

If you’re like most people buying a home for sale in Tampa Bay, you know that your credit score affects the interest rate you’ll be able to get on a mortgage loan. But how serious is it, and how do credit scoring agenices even figure out what your credit score is? How Seriously Do Lenders Take Your Credit Score? Lenders look at your credit score to determine whether you’ll be able to repay a mortgage loan if they decide to give you one. They want to see that you have a solid credit history … Continue reading...

What is a Good Credit Score?

What is a Good Credit Score

If you’re like most people buying a home for sale in Tampa Bay, you know that it’s important to have a decent credit score – but how good does your credit have to be to buy a house? What is a Good Credit Score? Most credit scores fall between 350 and 850, with 350 being on the low end. While different lenders may vary a bit, here’s what the ranges look like: Excellent credit: 750+ Good credit:700-749 Fair credit:650-699 Poor credit:600-649 Bad credit:below 600 All lenders … Continue reading...

Chances in the Way Credit Bureaus Report to Mortgage Lenders

Changes in How Credit Bureaus Report to Mortgage Companies - Tampa Bay Homes for Sale

If you’re considering buying a new home in Tampa Bay or the surrounding areas, you might want to start making full monthly payments on your credit cards. Recent changes in how credit bureaus report your information to mortgage lenders may make a difference in obtaining loan approval. For decades, credit bureaus reported your payment history with creditors by showing your monthly payments as on time, late or in default. As long as you showed a positive payment history (making monthly minimum … Continue reading...

Three Ways That Your Credit Score Affects Your Mortgage (and Your Chance of Obtaining One!)

If you're thinking of buying a home, you've probably been thinking a lot about your credit score as well. Credit scores control so much of what we do in the world of finances, but what does your credit score really have to do with your mortgage? Here are three ways that your credit score could impact your mortgage application. Your Credit Score Affects Your Ability To Get A Mortgage The first thing your credit score tells a lender is whether they should lend to you at all. In some cases, if you … Continue reading...

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