Do you pay your bills on time? Have your ever been 30 days or more late on a loan payment or bill? Have you received letters from creditors? Have you had any judgments, liens or collections? How long has it been since these things have occurred? How many times? How have you addressed these issues? These are some of the things that affect your credit score and ability to get a loan to purchase Salt Lake City real estate.
If you've never been more than 30 days late and you pay your bills on time, you probably have good or great credit.
If you've had a bankruptcy it is possible to get a loan to purchase Salt Lake City real estate, but the bankruptcy usually has to be discharged first and in some cases some time would need to pass after this event. |
|
 |
|
|
|
It’s a good idea to check your credit once in a while to make sure there are no mistakes or fraudulent activity. When you check your own credit, it does not affect your credit score.
Credit scores, along with your overall income and debt, are big factors in determining whether you’ll qualify for a loan and what your loan terms will be. So, keep your credit score high by doing the following:
1. Check for and correct any errors in your credit report. Mistakes happen, and you could be paying for someone else’s poor financial management.
2. Pay down credit card bills. If possible, pay off the entire balance every month. Transferring credit card debt from one card to another could lower your score.
3. Don’t charge your credit cards to the maximum limit.
4. Wait 12 months after credit difficulties to apply for a mortgage. You’re penalized less for problems after a year.
5. Don’t order items for your new home on credit, such as appliances and furniture, until after the loan is closed. The amounts will add to your debt and could put your mortgage in jeopardy.
6. Don’t open new credit card accounts before applying for a mortgage. Too much available credit can lower your score.
7. Shop for mortgage rates all at once. Too many credit applications can lower your score, but multiple inquiries from the same type of lender are counted as one inquiry if submitted over a short period of time.
8. Avoid finance companies. Even if you pay the loan on time, the interest is high and it will probably be considered a sign of poor credit management. |
Here are some web sites to help you check your credit:
https://www.annualcreditreport.com/
http://www.freecreditreport.com/
http://www.transunion.com/
http://www.experian.com/
http://www.equifax.com/
http://www.MyFico.com/
If your plan is to move from one home to another, just putting your home on the market isn’t enough. Your home will need to be ready to show and you’ll need a strategy to accomplish the sale and purchase of another home in a reasonable time frame.
With 10 years selling homes in metro Salt Lake and 20 years in the real estate business, I have many strategies and an in depth understanding of what it takes to help you sell and buy another home. Call or email me if you’d like to take advantage of this opportunity!
Contact SLCHomeBuyer.com and Kevin Coyle
|
