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How Your Credit Score Can Hurt Your Chances of Buying a Home
Manage episode 334855480 series 1004398
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There are a variety of opportunities in the Omaha real estate market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.
Your credit score is complex combination of multiple factors that greatly affect your eligibility to take out a loan. Three companies - Equifax, Transunion, and Experian - provide information that your lender will use to determine whether or not a loan will be approved. These companies track where you spend money, what kind of debt you have, medical expenses, car payments, and credit card expenditures, among other things, to determine your score.
The range is between 300-800 and the baseline for eligibility depends on your particular situation and lender. To make sure you don't run into any problems, you need to err on the side of caution and work to build as good a credit score as possible. To do this, we recommend you check your score on a yearly basis, either through the IRS website or the many free credit score websites. This way you know what to expect before meeting with a lender.
If you are worried that your credit score is too low to qualify for a loan, feel free to reach out to us. We will put you in touch with experts in the field that can help you build your score to acceptable levels. We are also available to answer any of your questions about real estate in the Omaha area, so don't hesitate to give us a call. We would love to hear from you.
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