Your Favorite Real Estate Team

It is well known that your credit score influences your interest rate on a home mortgage, and over time that higher interest can cost you big bucks.  It is worth improving your score before you make the decision to buy a home at the Lake of the Ozarks , and Your Favorite Real Estate Team has some tips to help you do just that. What makes up your credit score? Your credit score is determined by five factors.   1) Payment history (makes up 35% of your score).    2) Utilization - amount of credit used versus what is available (makes up 30% of your score).   3) Credit history length (makes up 15% of your score).   4) New credit/opening of new credit accounts (makes up 10% of your score).   5) Mix of credit – e.g. revolving accounts like credit cards are worse than installment accounts like car/personal loans (makes up 10% of your score). Where to start. The first thing to do is to get your credit reports from all three credit bureaus (Experian, T...

Buying a home at the Lake of the Ozarks is a big decision. It would be a bummer to find the home of your dreams only to get denied a home loan, or not be able to afford the payment, due to a low credit score.  Your Favorite Real Estate Team has the best real estate agents at the Lake of the Ozarks , and we are here to help you with everything you need to know about buying a house.  Getting approved for a home loan is a big part of the process, so it's important to make sure you are ready for it. Today's blog is all about credit scores and what you might not know about how they are calculated. (Please note that we are not financial advisors, so it's best to consult a professional advisor or loan officer before making a decision.) What Affects Credit? Credit scores can be confusing, but there are a few proven principles that make up the main influences of a person's credit. Payment History Credit Mix New Applications History Length Utilization Thes...

Thinking about buying a home at the Lake of the Ozarks ? Your Favorite Real Estate Team has the best real estate agents at the Lake of the Ozarks , and we are here to help you with all your questions about buying a new home. One big factor of the home buying process is getting approved for a home loan, which can be dependent on your credit score. Today we are talking about credit scores and general information that could help you better understand your numbers. (We are not financial advisors, so keep in mind that it is best to consult with a professional before making financial decisions.) What is a Credit Score?  Credit scores are calculated numbers that help lenders understand your credit history and how financially responsible you are. This number is calculated by taking several financial factors into consideration including the length of your credit history, your utilization of credit, kind of credit, new applications for credit, and timeliness of payments. C...