Understanding Credit Scores and How They Impact Potential Home buyers

There are a number of ways through which your credit score will affect you as a home buyer. The interest rates that are charged could be low but whether one has a good credit score or not will affect their suitability for mortgage. The people who have a low credit score may find it difficult to qualify for bigger loans.

What does a credit score report?
Most of the house buyers in Bogota are now aware of what it reported to the lenders by the credit scores. What exactly are the home sellers and mortgage companies looking for in your credit score? Here are some of the things that the credit scores report:

The amount of debt that a potential home buyer owes and how they are repaying the debt. Does the potential home buyer have any risks if they default in the repayments of their debts? Are they suitable to be offered a mortgage if their credit scores are low?

Have you had any late repayments of your current debts? This is a factor that can severely affect your credit worthiness and any potential defaults in the present or any history of defaults in your debt repayments can affect your credit score and your suitability for a mortgage.

Your score represents your credit worthiness and also shows the likelihood of you repaying a debt as agreed.

A credit score helps the lenders especially if you sell a home in Bergen county to evaluate their credit report. This is because the credit score is a number that usually summarize a credit risk basing its point on the snapshot of a credit report at a certain or particular point in time. Credit scores are available to the lenders in many different forms. The lenders usually develop their own credit score range.

Here are some of the credit score ranges that are used by the major scoring models;office-pen-calculator-computation-163032

Experian’s plus score:330-830
Equifax credit score:280-850
Fico score range:300-850

Usually, with the credit scores, the higher the credit scores the lower the risk is. This is to mean that consumers who have high scores will get approved for credit and better interest rates. They are also more likely to get discounts on their insurance unlike those who have less or low scores. If you are looking for houses for sale in New Jersey, it is advisable for you to know your credit report as it can make the whole process very simple and less stressful.

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Estefania Castaneda
Estefania Castaneda
17:24 04 Sep 21
Extremely pleasant, attentive to all my needs always. It was a pleasure renting an apartment from Ken.
Vichai Soysouvanh
Vichai Soysouvanh
14:17 03 Sep 21
Can't say enough about Ken and his team. This was the most seamless sale I made. I didn't have to deal with all the... nonsense that comes with selling your home. They bought my house as is, I didn't have to declutter and pay a broker commission. All in all great experience, will do business again.read more
Niki Keser
Niki Keser
17:46 06 Aug 21
I had a wonderful experience renting one of their properties for 7 months. The apartment was beautifully remodeled and... Ken and his team were always responsive to any needs. I would recommend to anyone looking to sell or rent.read more
YASMINA VASQUEZ
YASMINA VASQUEZ
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Ken and his team were professionals ,they promised and they delivered or anything
Alfredo Garcia
Alfredo Garcia
03:20 17 Jun 21
Selling my property too Ken was the best thing I did. Although I was skeptical at first I soon found out how... professional he was. Even though my closing contract was not standard because of the pendemic situation. He followed through on time with all the contract terms as promised. Thank you Ken for your professionalism.Alfredo Gread more
Vishrut Patel
Vishrut Patel
23:27 19 May 21
Ken was referred to us by someone who had sold their home thru Ken last year. From the first meeting to the last... transaction, Ken and his team were professional, efficient, easy to work with, and above all.... caring. Each seller's situation is different, and Ken truly understands that. We were treated with respect each time.Since we were in a time crunch situation, selling our home with a cash offer from Ken was the best decision we could have made. We were perfectly okay with getting slightly less money for our home as compared to selling it via an agent. But if you consider the money saved on agent commissions (both buyers and sellers), closing costs, repair costs, attorney fees, and most important of all... time and headache, you can't beat the option to sell your home with a guaranteed cash offer from a reputable buyer like Ken.My wife and I were very pleased with our experience with Ken. If you are in the market to sell your home fast for a cash offer, I highly recommend giving Ken a call!Best of luck!Vishread more
Christopher Martino
Christopher Martino
14:19 10 Mar 21
Ken and his team were great. They were easy to work with, professional, and responsive. If you are thinking of selling... your home they offer a super easy process.read more
Chelsea Grant
Chelsea Grant
15:36 03 Jan 21
I am a travel nurse and stayed in a town home for 3 months... It was exactly as described and any issue that came about... was handled within a few hours - I would definitely recommend and I would definitely stay again!read more
Aaron Zachko
Aaron Zachko
12:41 14 Aug 20
Amazing experience! Ken was upfront, quick and got the deal done in no time. Having done a number of real estate... transactions this was by far the easiest and smoothest. I would unconditionally recommend him to anyone looking for an easy, quick and fair transaction.read more
Joseph Tricarico
Joseph Tricarico
19:10 26 Mar 20
Ken is a very professional individual from start to finish. As promised, he gave me a fair deal on my one of my... properties that was in rough shape. He was knowledgeable and responsive to my requests and as promised we didn't need to waste time with inspections and appraisals and we closed quickly. He made it painless as possible by having his crew handle the clean up. This was truly a quick and easy process but a professional individual. Thanks Ken!read more
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