I’m not a mortgage broker, but as an active Realtor working across Metro Denver, potential home buyers often ask for my professional opinion regarding credit and their ability to get a mortgage – whether they should apply for a loan or refinance, or put it off for awhile.
Whether you have sterling credit, a few dings on your credit, not-so-hot credit or no credit whatsoever, the state of your credit is vital to a potential future home purchase – unless you plan to pay cash for your next new home.
The above chart illustrates the facets of your credit history that go into forming your credit score. One point to consider in building credit history is that credit with a few dings is better than no credit at all. If you are planning a home purchase or refinance in the next year or two – or even in the next five years – talk to a licensed mortgage pro or financial planner. I’m happy to provide a few names of people in the business. For more insight, check out this article from Trulia.
Ready to talk shop or plan a home purchase or sale? Drop me a line or pick up the phone – I’m here to help.