Today's article is all about credit scores and the impact they have not only on your ability to purchase a home, but how much it costs you over time when you have a poor credit score. Thanks to Satinder Haer of Zillow for this guest article.
Buying a home is one of the biggest financial decisions a person makes during their lifetime. A home purchase is typically a 15- or 30-year commitment involving hundreds of thousands of dollars. Therefore, it’s critical to evaluate whether you’re truly ready to buy a home. Even though your credit score is just one of the factors considered by mortgage lenders, reviewing your credit score can actually help you make an informed choice about your readiness to take out a mortgage loan before you research and find a lender.
Consider these important reasons credit scores assist home buyers in making a smart purchase.
Credit Scores Dictate Interest Rates
Not all mortgage loans are created equal. Read the rest of this entry →