Borrowers often do not realize the importance of their credit score when purchasing a home. High credit scores receive the lowest mortgage rates. It is an indication that a borrower will pay back the lender. I educate my clients on the importance of maintaining good credit by consistently paying their bills on time and not going into significant debt. Having good credit will make the home-buying process much easier.
When Jeff first approached me about getting a mortgage, I checked his credit. His credit was around 680— the interest rate is 6.500%. With the mortgage rates at that credit score, it is better to wait a few months to improve his credit score above 700 to get a lower interest rate on his conventional mortgage. Jeff waited, and now his score is 720—the interest rate is 6.000%.
I can help if you or someone you know wants to buy a home, your credit needs some improvement, and you don’t mind waiting a few months. You can improve your credit score and get a lower interest rate to purchase your home. I am Charisse Excell, a loan officer with Southeast Mortgage who provides continued services to my clients, not just transactions. I want to do what is right for you! Contact me by filling out the inquiry form online or by Email (Charisse@newtoorlandoflorida.com).