Tex and Betty Reel
Real Estate and Your Credit
| The Buying Process | Contract Dates Guide |
| Top 10 Mistakes | Mortgage Guide |
| Understanding Your Credit | School Guide |
| Real Estate Contracts | Title Insurance |
Anyone who takes an interest in buying a home will need to consider the state of their credit. Whether or not you have good credit determines what kind of loan you will receive, or even whether you can get a loan at all. But how does one know about the state of their credit, and how is it calculated?
Your credit score is mathematically determined by a number of factors in your credit history. These include such things as how you pay your bills and what kind of debts you owe. Click here for more information about how credit scores work.
Even if your credit score is too low to allow you to get the kind of loan you're after, don't despair. It's possible to repair your credit through patience and an ongoing effort. For tips on how this is done, click here.
By order of a Congressional mandate in December of 2003, consumers are entitled to a free credit report from each of the three major credit agencies, once a year. And if you've expired your annual right, you can pay a fee to view the report. The three major agencies are: Equifax, Experian, and TransUnion.
Remember, if you are unsure about how your credit will relate to your real estate experience, The Reel Team would be happy to assist you. They have a professional understanding of credit scores as they relate to buying a home, and they can help you make the most of your situation.
