Buyers Tips: The Importance of Your Credit Report!

By
Real Estate Agent with RE/MAX Properties, Inc.

When you apply for a loan, your lender will look at several things:

- Down Payment Amount

- How long you have been employed in your current position

- Whether you have the funds on deposit for your down payment and closing costs

- Your income-to-debt ratio and your credit report

 

Lenders nowadays place much emphasis on the credit report. Credit bureaus compile a record of debts from credit card companies, banks, department stores, and other firms.  This information appears on your credit report, so it shows whether you pay your bills on time.  Lenders develop credit ratings based on how well you manage this function.  The higher your credit score, the more flexible lenders will be in loan approval and specific requirements.

 

When you meet with lenders ask how they decide if you are a good credit risk.  It is likely to be from a credit report.  Lenders can order the credit report for you an discuss your score.  If your credit is less that sterling, they can usually offer suggestions on how to strengthen your credit position.

 

Please feel free to call or email me if you have any questions or would like additional information on financing. 

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Jay Carden, Colorado Springs Realtor
RE/MAX Properties, Inc.

719-322-4939
jay@jaycarden.com

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Topic:
Home Buying
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homes for sale
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briargate homes for sale
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Rainmaker
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Ronald DiLalla
Century 21 Discovery DRE 01813824 - Anaheim, CA
No. Orange Cty Real Estate

Hi Jay,   quite a few items that lenders require, but  credit status is right up there at the top..

Dec 02, 2013 03:59 AM #1
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Rainer
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Jay Carden

Colorado Springs Real Estate Top 10% of Agents!
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