Credit worthiness is defined as follows,“ the extent to which a person is considered suitable to receive financial credit, based on their reliability in paying money back in the past.” Your creditworthiness is based on how you’ve handled credit and debt obligations up to this point. Creditors can tell how well you’ve managed your previous credit obligations by looking at your credit report. As the consumer, you are allowed one free credit report per year. Go to annualcreditreport.com, review your report and identify any inaccuracies. This is something we recommend you do prior to beginning your home buying journey. Have your information with you at your home buying consultation. This will help you to better relay information about your credit history with your Realtor.
All Realtors will not ask this of you, but at Element Home Life, we want to be sure that we have as much information as we can obtain up front. This allows our agents to be able to partner you with the lender who is best suited to service you, based on the information you provide.
Not everyone who wishes to buy a home, needs credit repair, some people may want to get to the next FICO score bracket, to qualify with a better interest rate, more buying power, or both. So you would be doing your pockets a favor by knowing and understanding your personal credit file. Element Home Life has a team of credit specialists ready to assist you with boosting your credit score before qualifying you to buy your home.