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Lehigh Valley Homes – Mortgage – What Effects your Credit Score and getting a Lehigh Valley Real Estate Mortgage

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Real Estate Agent with eXp Realty RS282575

Video Tips for Lehigh Valley Home Buyers - Everything a Home buyer needs to know about Lehigh Valley Mortgage (s) Resources to Lehigh Valley Mortgage programs and Lehigh Valley down payment and assistance programs. - Not only for First Time Home Buyers.Lehigh Valley Homes Lehigh Valley Mortgage

View a Video from a Lehigh Valley Mortgage Advisor on What Effects your Credit Score but make sure you check out the information below as there are many other helpful Home Buyer resources available.

 

Many Lehigh Valley Home Buyer found it helpful to know about The First 5 Steps in buying Lehigh Valley Home and Pre-Qualifications Vs Pre-Approval. 

The Lehigh Valley Home Buyer credit score - the earth seems to revolve around your credit score these days.  In order to maintain or improve a home buyers credit score you will need to understand what makes it tick.

What is a credit score?   Imagine if you will that you are taking an exam. On this exam you are awarded points for positive behavior yet points are also removed for negative behavior.  This is the same concept used in determining your credit score.  Your credit score is actually three sets of numbers. These numbers can vary from 300 to 900 points.   Typically, the middle of the set of numbers, not the average, of these scores   is used for financing.  This middle score is called your mid-score. Why is it used? Your credit score is used whenever there is an involvement with money.  

Lehigh Valley Mortgage companies want to make sure a home buyer looking to purchase a home in the Lehigh Valley Pa area will repay a debt and manage this debt and/or money.

When is a credit score used in the Lehigh Valley area?  Home, auto, and bank loans  - credit cards - educational student loans  - in determining your interest rate -qualifying for some types of insurance -employment - renting or leasing. You are probably asking yourself how can I improve or how am I hurting my credit score? If would like to buy a home in Lehigh Valley PA.

The key to obtaining a high score in the Lehigh Valley - pay your bills on time and in full - Use 35% or less of your available credit - maintain a steady employment record - maintain your length of credit history.  Meaning the longer your credit history - the higher your credit rating.  

Items that will lower your credit score in Lehigh Valley PA include - Late or missed payments -utilizing more than 80% of your total amount of available credit or over 50% of your individual available credit.  The more outstanding debt you carry - the lower your credit score. also in Lehigh Valley PA - bankruptcies -tax liens - periods of unemployment - collections - closing out credit cards in which you carry with a long credit history and - too many inquiries on your credit.  The more times you have your credit pulled, the more the banks grow concerned that you either are financially struggling, may have a lot of debt, or want to incur more debt.  If you are having your credit pulled multiple times to shop for the best home for sale in Lehigh Valley PA you may be inadvertently damaging your credit score.

Copyright© Moriah Martin RE/MAX real estate * Lehigh Valley Homes - Mortgage - What Effects your Credit Score and getting a Lehigh Valley Mortgage - How understanding Mortgage Programs can help the Lehigh Valley Home Buyer  a Home Buying Video Series*

Posted by
Warmly, Moriah
 
"You're in Good Hands with Buying and Selling"
 
Moriah Martin, Real Estate Agent
Moriah Martin Real Estate Group
Direct: 610-914-3763
 
(GPS Mobile App - Get Property Info on the Go!) 
License # RS282575
 
Keller Williams Real Estate
2901 Emrick Blvd
Bethlehem, PA 18020
Office: 610-867-8888
Fax: 610-867-8889
 

 

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