Owning a home can be a rewarding and exhilarating experience in anyone’s life. There is responsibility, security and comfort with having a place of your own.
Whether you’re a first time homeowner or looking to refinance or buy a new home, understanding credit scores is essential to your chances for success in the real estate market.
Mortgage brokers will look at those magic three digits that make up your credit score. A low score could lead to higher interest rates or even result in being disapproved entirely on property purchases.
Your three-digit FICO credit score is comprised of five parts:
- Debts Owed
- New Lines of Credit
- Time Period of Credit History
- Types of Credit in Use
- Payment History
Below is a simple checklist for…