Highland Utah Homes for Sale and your Credit

Real Estate Broker/Owner with Home Buyer Realty Utah 5707835-PB00

Highland Utah Homes for Sale and your Credit

When it comes time to purchase a new home there is nothing more important than having Good Credit. The first thing a lender will do is review your credit report. The credit report is a history of money you have borrowed in the past and how you have repaid those debts. It contains a list of debts such as credit cards, car loans, and other loans. It also contains other public records such as liens or bankruptcies. Your credit report is constantly being updated and most of the information is deleted from you record after 7 years (10 years for bankruptcies). This credit information is then used to help generate a computer driven number that indicates your risk to lenders. This is what is called your Credit Score.

No Credit?

It is very important to establish some kind of credit long before you ever consider purchasing a new home. Perhaps you should apply for a credit card or two, then use them very carefully and pay them off each month. Next, apply for credit at a Department Store. Next, apply for a car loan. Each one of these purchases, along with paying regularly on them, will help your credit rating. After time and a good payment record you should be able to qualify for the best rates available when attempting to purchase that new home.

Bad Credit?

It could take some time to repair bad credit. Most important is the recent activity, credit scores will go up the longer you fulfill all of your obligations. Never pay less than what is due, in fact is best that you pay a little more than the minimum, the credit rating usually reflects this in its rating.

One of the best things you can do is make a budget to help with your monthly expenditures and then live by it. Also, start a savings account and make it part of your budget. You will need money for a down payment as well when it comes time to purchase that new home.

Check out the IDX Websites with Homes for Sale in the following locations:

StateofUtah homesforsaleHomeSellingUtah

Homesavailable forSale inUtahCounty


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Home Buyer Realty Utah, LLC
Robert A. Hulme - Broker, Owner

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