Knowing how your credit score affects the home buying process by those who are seeking a mortgage makes it imperative that one find out her credit score early-on. Your FICO score plays an important part in the home buying process and in determining the interest rate that a lender offers.
Key Takeaways:
- In a prior blog post, we talked about what home buyers should know about interest rates, and how rates impact home buying power.
- You cannot control the market direction of interest rates, but you can control the strength of your credit score. Having just one account in the collection can cause serious damage to your credit score.
- To have the strongest negotiating position with a collection agency, be prepared to make a lump-sum offer.
“A positive change to your credit score can improve your chances of landing a lower interest rate, and make a noticeable difference in your monthly mortgage payment!”
http://naeba.org/blog/what-home-buyers-should-know-about-credit-scores
Alliance Credit Counseling
8000 Corporate Center Dr Suite 114
Charlotte, NC 28226
(704-341-1010) / (704-341-1010)