What's in a Number?

Reblogger Will Hamm
Real Estate Broker/Owner with Hamm Homes

What's in a number is a major part of buying a home and Wayne and Jean Marie Zuhl nailed it with this blog!

 

Original content by Wayne and Jean Marie Zuhl 0790808

When you're applying for a mortgage, your credit score can have a big impact not only on the mortgage rate you get but also on how much you can borrow. One of the critical first steps in buying a home is ensuring that your credit score is as high as possible to allow you the most flexibility, but many people aren't aware of how credit scores are calculated.

Your credit score is a numeric value that incorporates all of your credit and payment history into a mathematical equation and calculates the probability of repayment of any future loan. The seven factors that are included in this calculation are:

  1. loan repayment behavior
  2. credit score inquiries
  3. delinquency of loans
  4. length of established credit
  5. composition of credit
  6. quantity of credit already available
  7. amount of outstanding loans

For hep determining your own credit score, please contact a mortgage representative.

 

 

 

 

 

~ Wayne & Jean 

Union County, NJ - a great place to live and work!

If you're looking to buy or sell a property in Union County, call us at 908-917-4189 or email TeamZuhl@gmail.com.

 

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All opinions, information and data provided is deemed reliable but is subject to errors and omissions. Not intended to solicit other Brokers' clients. We cooperate with them fully. 

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Rainmaker
4,731,100
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Will,

What a great choice for a re-blog!  Wishing you a delightful rest of Saturday, and a better Sunday.  Enjoy.  A

Mar 07, 2020 12:53 PM #1
Rainmaker
3,344,964
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Thanks A and I hope you have a great weekend

 

Mar 07, 2020 01:20 PM #2
Rainmaker
496,009
Ricki Eichler McCallum
CastNet Realty - Corpus Christi, TX
Broker,GRI,ABR, e-Pro, TAHS

Hi Will,  This is a great re-blog.  First time home buyers will find this very informative.

Mar 07, 2020 04:14 PM #3
Rainmaker
749,517
Jeff Masich-Scottsdale AZ Associate Broker,MBA,GRI
HomeSmart Real Estate - Scottsdale, AZ
Arizona Homes and Land Group/ Buy or Sell

Good topic, Will Hamm. Yes, it is hard to put a number on a buyer's "heart and determnation" leaving a credit score to determine "worthiness" of a home buyer. What I find strange is that accumulater net worth is not a more important determinant of mortgage prequaliification. Current W-2 income is the primary measure. Jeff  

Mar 07, 2020 09:48 PM #4
Rainmaker
3,344,964
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

You are so right Ricki,  I have a first time home buyer seminar coming up and going to use it.

Mar 07, 2020 09:49 PM #5
Rainmaker
5,675,609
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank you very much, Will, for sharing this excellent reblog selection.

Mar 08, 2020 05:57 AM #6
Rainmaker
1,234,472
Curtis Van Carter
Better Homes & Gardens Wine Country Group - Yountville, CA
Your Napa Valley Broker Extraordinaire

Will;

You always find the gems to repost. Thanks for doing so and cheers cvc

Mar 08, 2020 09:15 AM #7
Rainmaker
2,083,911
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Will Hamm - this was a great choice.  Wayne and Jean did a great job describing credit scores.

Mar 09, 2020 02:45 PM #8
Rainmaker
1,362,798
Wayne and Jean Marie Zuhl
Samsel & Associates - Clark, NJ
The Last Names You'll Ever Need in Real Estate

Thank you, Will Hamm - high compliment indeed!

Mar 10, 2020 03:20 AM #9
Rainmaker
3,344,964
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Jeff, you make a great point.

 

Mar 11, 2020 09:21 AM #10
Rainmaker
3,344,964
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Wayne and Jean Marie Zuhl, Thank You so much for letting me reblog this.

 

Mar 11, 2020 09:22 AM #11
Rainmaker
3,344,964
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Grant Schneider, You are right this was a great blog by Wayne and Jean.

 

Mar 11, 2020 09:23 AM #12
Rainmaker
3,344,964
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Thanks Curtis Van Carter for your kind words.

 

Mar 11, 2020 09:23 AM #13
Rainmaker
3,344,964
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Roy Kelley, thanks for stopping by today!

 

Mar 11, 2020 09:24 AM #14
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