Real Estate and Your Credit

Any consumer who has a serious interest in buying a new Denver home needs to understand how the state of their credit will effect their ability to buy a new home. Certain factors pertaining to your current credit status determines what type of loan program you can get, or if you can qualify for a new mortgage at all. Fully understanding how credit works and the the way credit scores are determined can be difficult and frustrating for most home buyers?

Consumers credit scores are determined mathmatically by a number of key factors in your personal credit history. Factors included are how and when you pay your bills, length of time any account has been in good standing, and what is your current debt to income ratio. To learn more about how credit scores work Click here .

For many home buyers your credit score might be too low to allow you to get the type of loan program you are after, but don't despair. With alot of hard work, patience, and a consistant effort it's completely possible to repair your credit. For credit repair tips and how to accomplish this, click here.

Thanks to the Congressional mandate that passed in December of 2003, all consumers and home buyers are entitled to a credit report free of charge from all three of the major credit reporting agencies. Your free credit report can be obtained once a year. If you use your free credit report annually, you can also purchase additional copies of your report for a small fee. The three main credit reporting agencies are: Equifax, Experian, and TransUnion.

Keep in mind, if you are confused or just unsure about how your credit history and credit score will effect your real estate buying experience, Urban Synergy Realty would be happy to assist you. Our Denver real estate agents have a complete understanding and knowledge of credit scores and how they relate to buying that perfect Denver real estate, they can also help you take the proper steps in ensuring you can get into the right mortgage program for you and your family.