The RULES HAVE CHANGED! How Critical is Your Credit Score? I know that we do not like it but in some sense, the lending rules needed some serious reform in order to sift out the people that can and should be homeowners from those who should not have a mortgage. The American DREAM is not a dream if there is no work patience and responsibility involved in acquiring it.
Part of the WORK involved is to have a good credit score. If you are not somewhere in the range of a solid 620 or higher, you will probably NOT get a mortgage. I recently had a potential home buyer make the remark that her credit was SO bad that she did not even think that she had a credit score. Another person wanted to know if he could "add up several peoples scores to accumulate a 620 score." The fact is....YOU must have a good credit score!
A recent VERY qualified PRE APPROVED client that I was working with was ready to make an offer on a house and when they went to go back to the lender they discovered that there was an outstanding tax lean that had been paid off 7 years earlier and not correctly recorded. Why was it not caught in the pre-approval process? I do not know but it was not. Maybe the lender just SAID that they were pre-approved and they were not. In either event, things do happen to throw a wrench in the process. In this case, they did not make the purchase and lost out on a wonderful home. You can roll the dice and hope for the best but being proactive in making sure that your credit record reflects your current situation is a good idea.
I say all of this to prompt the potential BUYERS to do your homework. Do what you can to insure that your credit score and history have a clean bill of health or you could be surprised when you actually go to make a purchase.
It is time well spent I can assure you and a good full time Realtor like myself can walk you through the process whether you are in Kingwood Texas or in the surrounding area.
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