credit score

Give Yourself Some Credit - Port Elgin Real Estate Listing Experts Susan Terry and Danielle Spry

Give Yourself Some Credit

Knowing your credit score ahead of time can save you thousands!

The home of your dreams has finally hit the market! You assume it’ll be easy to get a mortgage, but if your credit’s not in great shape, your dream home may just remain a dream.

Having a clear understanding of your credit score before you get pre-approved for a mortgage and start shopping for homes can help you avoid any last-minute surprises.

A solid credit score makes you more attractive to financial institutions, which means you may be eligible for better rates and terms that can save you thousands of dollars in interest!

Here are a few simple steps you can take to improve your credit score:

Know the Score
Order a fresh copy of your current credit report from Equifax or TransUnion so you can review it ahead of time.

Fix the Flaws
If there’s a blemish on your credit report, reach out to the creditor to see if you can get it cleared up.

Pay It Forward
It’s extremely important to pay your bills on time. If late payments become a pattern, it’ll raise red flags and dramatically affect your credit score.

Know Your Limit
Don’t continuously max out your cards, and hold off on taking on large financial obligations, such as buying a new car, before applying for a mortgage.

Less Is More
The number of times you’ve applied for credit can affect your score, so don’t apply for credit unless you plan on using it.

Consistency Is Key
Lenders look for a long track record of consistent payments, so the earlier you start building credit responsibly, the stronger your history will be.

Knowledge is power when it comes to your credit score, so find out where you stand ahead of time, even if you don’t think there are any issues.

If you know your credit’s in need of repair, start fixing it right away, as a good credit rating may help you qualify for preferred rates, which can amount to thousands of dollars in interest savings!

Finally, it’s never too early to start thinking about your mortgage options, as there may be certain homebuyer plans you could qualify for if you plan for them in advance.

To find out what options may be available to you, reach out so that we can discuss your next move!

GIVE YOURSELF SOME CREDIT

GIVE YOURSELF SOME CREDIT

It’s essential to know your credit score before you start shopping for a home.

The home of your dreams has finally hit the market! You anticipate it’ll be easy to get a mortgage but if your credit’s not in great shape, your dream home may remain just a dream.

It’s important to have a clear understanding of your credit score long before you get pre-approved for a mortgage and start shopping for homes.

A solid credit score makes you more attractive to financial institutions which means you’ll enjoy better rates and terms that can save you thousands of dollars in interest! Here are a few steps you can take to improve your credit score:

Order It Up
Order a fresh copy of your current credit report from Equifax so that you can review it.

Clean It Up
If there’s a blemish on your report, reach out to the creditor so that you can try and clear it up.

Consistency is Key
Lenders look for a long track record of consistent payments so if you’re trying to establish a solid credit score, it’s best to start early.

Know Your Limit
It’s important to show that you’re responsible with your credit so don’t continuously max out your cards.

Payment History
It’s extremely important to pay your bills on time. If you’re consistently late, it’ll raise red flags and dramatically affect your credit score.

Number of Applications
The number of times you’ve applied for credit can affect your score so don’t apply for credit unless you plan on using it.

How Much You Owe
Lenders don’t want to lend to someone with a whack of financial obligations so pay off smaller debts and avoid any big credit charges such as a car purchase before buying a home.

Knowledge is power when it comes to your credit score so find out where you stand ahead of time, even if you don’t think there are any issues.

If you know your credit’s in need of repair, start fixing it right away as a good credit rating will entitle you to preferred rates which can amount to thousands of dollars in interest savings.

Finally, it’s never too early to start thinking about your mortgage options as there may be certain plans you could qualify for if you apply for them in advance so please reach out so that we can discuss your options.