Financial IQFeatured August 19 2019

Don’t Let Credit Bumps Hold You Back

Your credit score will be one of the primary metrics used to determine if you qualify and what your loan pricing will be. When you apply for a mortgage, the lender will pull a credit report to evaluate your eligibility. When it comes to loans, your credit is your reputation as a borrower. It allows lenders to determine how likely you are to repay your loans.

While your credit is an important factor when considering homeownership, a common misconception is that you need perfect credit to buy a home. If you feel that your credit is an obstacle in your ability to purchase a home, our Homebuyer Solutions Group (HBSG) can help.

How Credit Impacts Pricing

Your credit score is made up of 5 types of activity:
  1. Payment History
  2. Debt Load
  3. Length of Credit History
  4. Credit Types
  5. Credit Inquiries

Now that you understand the aspects that make up your credit, try these tips to improve or maintain a good credit score:
  • Always pay your bills on time
  • Don’t exceed 50% of the credit line
  • Keep revolving accounts open
  • Avoid applying for credit with finance companies
  • Only apply for credit when necessary

Breaking Down Your Credit Score

It is true that a low credit score can hold you back from larger purchases like buying a home. However, you aren’t necessarily stuck with bad credit for the rest of your life. HBSG is equipped with a team of Mortgage Credit Specialists that are dedicated to helping you improve your credit in preparation for homeownership. The program is a complimentary service included with your Eagle experience. Ask your Loan Officer for additional information about HBSG.

Talk to Your Loan Officer

Your Mortgage Credit Specialist will:
  • Review your credit profile & provide guidance on how to improve your scores
  • Create a personalized action plan tailored to your needs
  • Stay with you throughout the process with regular communication & answers to your questions
  • Provide a Certificate of Completion and transition you back to your Loan Officer to complete the homebuying process

Learn More About HBSG

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