Can Your Credit Score Help You Buy a Home? Absolutely!
By Nick Vandekar, 610-203-4543, Selling the Main Line & Chester County
(Realty ONE Group Advocates 484-237-2055)
Buying a house can be a long and winding road of ups and downs. But being prepared and knowing the steps can help you weather the emotional storms that invariably come along.Knowing how your credit score is calculated can be helpful to establishing a good strong score which will help you obtain a mortgage for the best rate.The riskier you are to lend money to, the higher the rate of interest will be on that mortgage which can make the cost of the loan prohibitive.1) Payment history, paying your bills on time makes up 35% of your score. Set an alarm in your calendar so that you do not miss any payment dates. This is the largest contributor to your credit score.2) The amount of debt you are carrying makes up 30% of your score, too much debt will affect your score negatively, lenders want ...
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