Wendy Morris Presents:
The Florida Dream
Wendy Morris Realty
Dr Phillips Luxury Real Estate
407 575 5392
Call Today!

Listing Search

Why is Credit Important When Buying a House | 32819 | 32836 | Central Florida

NEXT
PREV
Sun, May 29, 2022 at 4:55PM

GOOD CREDIT IS IMPORTANT

There are many reasons why credit is so important when buying a home.  Number one is the three credit bureaus, Experian, Equifax and Transunion each report differently. Each credit score typically will not be the same, however, most lenders target and use the middle score to determine your credit score. When trying to buy a home, please pay bills on time, try not to use no more than 30% of total allowed of each credit card, longevity of each credit card counts (typically two years), do not co-sign. This ties into credit worthiness, meaning are you at risk? All lenders look at debt to income ratio and you must meet the criteria depending on what type of loan you will use. The more you are at risk in the lender eyes, the higher your interest rate can be and less home you can or cannot buy. Alternatively the higher your credit score the better rate you will receive and more home to buy.  It is good to always be in a position to use credit, a house may pop up that you like and you have not positioned yourself to purchase.

WHAT IS A GOOD SCORE?

Since COVID-19 kicked in, some lenders increased their standards to 640 and 680 back in March. Typically 620 is the score lenders look for, some will say 580, however you will not receive the best interest rate and in many cases you must have cash reserve when using a 580 credit score. My suggestion is at least a 700 middle score to buy a house. www.annualfreeecreditreport.com you can check once a year for free to see your scores. www.creditsesame.com to verify your creditors and their scores are not accurate. So why not do it right the first time? It is easy and called discipline with a made up mind.

IT IS TIME TO BUY A HOME NOW!

Interest rates are super low.  already dropped eight times since August 2020. Feel free anytime to call me at 407 479-8583 and I am full of resources to make the American dream come true. Facebook Kevin Sells Florida and visit www.kevinstrawtersellsflorida.com


Bookmark & Share



User Comments


Be the first to comment on this post below!



All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independent verified. Listing information is provided for consumer personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law. The source of the listing data is as follows: Stellar MLS (updated 2/14/24 11:59 PM) |
Featured Listings
Orlando Real Estate
$355,000
3 BED
2.5 BATH
MASSIVE PRICE REDUCTION!!Highly desirable location!Low HOA! This well maintained 3 Bed\2.5 Bath Townhome with attached G... Read More
Orlando Real Estate
$525,000
3 BED
2 BATH
This home in Condominiums At Toscana offer an unparalleled living experience in the heart of Orlando in Dr Phillips! Bes... Read More
Orlando Real Estate
$495,000
3 BED
2 BATH
Popular Dr. Phillips neighborhood with great schools. Convenient to shopping and theme parks. A/C has been replaced, fl... Read More
Orlando Real Estate
$279,990
3 BED
1 BATH
Under contract-accepting backup offers. Fully remodeled 3 bedroom/1 bathroom home in Tangelo Park- only 10 minute drive ... Read More
Orlando Real Estate
$187,000
1 BED
1 BATH
FABULOUS LAKEFRONT LIVING under $200k! Located in desireable Dr Phillips, this absolutely gorgeous condo is ready for y... Read More
Orlando Real Estate
$185,000
2 BED
2 BATH
Under contract-accepting backup offers. SELLER MOTIVATED !!!!!! SEND YOUR OFFER !!!!Welcome to your dream investment opp... Read More
Orlando Real Estate
$649,900
3 BED
2 BATH
Stunning views of Big Sand Lake from this luxury 3 bedroom condo in the heart of Dr. Phillips! This meticulously maintai... Read More
Orlando Real Estate
$398,000
3 BED
2.5 BATH
Under contract-accepting backup offers. Welcome to 6831 Slaven Drive in the gated community of Vistas at Phillips Common... Read More
Orlando Real Estate
$589,000
3 BED
2 BATH
A Rare oportunity, 2th floor fully furnished Reserve condo at Vista Cay Resort - A newer construction 2020 condo on the... Read More
Orlando Real Estate
$1,345,000
4 BED
3 BATH
Located in the desirable Bay Hill / Dr. Phillips area, this stunning 3883 heated sq ft home features 4 bedrooms, 3 bat... Read More
Contact Kevin Strawter

407 575 5392

Wendy Morris LLC
DBA Wendy Morris Realty
Licensed in the State of Florida
BK 3146762
16797 Broadwater Avenue
Winter Garden, Florida 34787

Your privacy is our utmost concern. We will never sell your personal information. Privacy Policy
©2011 -2024 drphillips.info - all rights reserved. | Site Map | Why is Credit Important When Buying a House | 32819 | 32836 | Central Florida