Are You Ready to Be on the Path to Home Ownership?
Then Know Your Credit Score!
One of the most important factors when qualifying for a loan is your credit score. Generally speaking, a higher score can mean a better chance of getting approved for a loan and securing a lower interest rate. We offer Personal Credit Check-Ups in the privacy of your own home. We do this on an ongoing basis and it works like this:
- You sign up to have your credit checked. (click here).
- I send you a Plan of Action Worksheet to complete.
- You submit an online application and provide all documentation required.
- The loan officer pulls your credit.
- The loan officer emails you a copy of your credit report and contacts you to schedule a time to meet in a one-on-one private consultation.
- Your consultation includes a step-by-step Plan of Action to get you on the road to home ownership.
- If your Plan of Action requires more than 3 months of preparation, you will automatically be enrolled in our Rent To Home program.
What’s on you credit report? Your credit report is a record of money you've borrowed, your history of paying it back and how much open credit is available to you. Lenders rely heavily on the information in your credit report as it signifies your creditworthiness and the likelihood that you'll repay your mortgage.
The following appears on your credit report:
- A list of debts and a history of how you've paid them, including credit cards, car loans and student loans.
- Any bills referred to a collection agency, such as utility or medical bills that you did not pay or paid significantly late.
- Public-record information, such as tax liens and bankruptcies that may be linked to you.
- Inquiries made about your creditworthiness, showing how many inquiries were made about your credit and if you were given credit based on the inquiry.
Your credit score helps lenders decide how likely you are to repay your debts and plays a significant role when securing a mortgage. Scores range from 300 – 850 points and are based on:
- Your payment history and ability to repay your debts on time. Late payments will lower your credit score.
- The amount of total debt you owe, including credit cards, student loans and car loans. If your credit cards are at their limits, this can lower your credit score - even if the amount you owe isn't large.
- How long you've used credit and how you’ve managed it. If you show a pattern of managing your credit wisely, keeping credit card balances low and paying your bills on time, your credit score will be positively affected.
- How often you apply for new credit and take on new debt. If you've applied for several credit cards at the same time, your credit score can go down.
- The types of credit you currently use, including credit cards, retail accounts, installment loans, finance company accounts and mortgages.
Generally, the higher your credit score the more options will be available to you, including a lower interest rate.
If you are using Credit Karma, Credit Sesame, Credit.com or Fico.Com or any other credit monitoring service and think you know your credit score you are DEAD WRONG!
- Find out your Credit Score
- Get FREE Credit Coaching
- Register for our Rent to Home program
- You may qualify for Homebuying Grants for Down Payment Assistance
- Up to $18,000.00 May Be Available to Buy Your First Home
Ready to get started? Then sign up here.