How Much Home Can You Buy in Philadelphia? ::Step 2::

How Much Home Can You Buy in Philadelphia? ::Step 2::

Take a Close Look At Your Credit Report

Your Credit History is one of the principal measures used by a lender to determine your interest rate. The better your credit, the better lending terms your bank or lending institution will be able to offer you. A higher interest rate means you will have a higher monthly mortgage payment, and so your credit score will directly affect how much money you can borrow and at which homes you should be looking.

You should be aware of what information is on your credit report by obtaining and reviewing copies of your credit report from the three main credit report agencies:

Remember that there are several factors that affect your credit report including your payment history, your current ratio of debt to income and signs of responsibility and stability. And since not all creditors report to all three agencies, it's best to order a report from all three institutions. Your goal in ordering all three credit reports is to make sure that all of the information stated on each report is accurate and correct.

If there are any discrepancies on your credit report, it's important that you contact the rating agencies and have those records corrected. Taking the time to verify and correct your credit report before you speak to a lender will help eliminate hassles later on.

Knowing where your credit rating stands is key to reaching your goal of purchasing a home. If you know that your credit rating is poor, there are many resources available to you to repair it and get your purchase-ready. Contact Tara "The Credit Woman" Colquitt to start on your path to home ownership today! She can be reached online, by phone at 215.350.2483, or by email.

Start searching for your dream home today by clicking here: www.phoenix4philly.com.

Contact your personal Real Estate Consultant Today!

Nicole Phoenix

Phoenix for Philly Real Estate

Keller Williams Realty Center City

www.phoenix4philly.com/about/

215.469.1635

nicole@phoenix4philly.com