It’s one of the easiest things to do—ordering a copy of your credit score. But far too many homebuyers throughout South Florida never take the time to review their credit scores. What you don’t know can hurt you. Many people automatically assume their credit is fine. You pay all your bills on time. So why even worry? All it takes is a bad score from one credit bureau to hurt your chances for a home mortgage loan in Delray Beach. When it comes to securing a home loan in Delray Beach, you should never assume.
To receive home loan, a credit lender in Delray Beach must determine whether a prospective homebuyer is worth the risk of granting a home loan. Credit scores determined by your ability to pay your bills and monthly debts on time. Scores range from as low as 300 all the way up to an 850. If your score exceeds 740, you’re considered an excellent candidate for a mortgage loan in Delray Beach. But keep in mind, there are three different credit bureaus (TransUnion, Equifax and Experian) which track of credit scores. Your score could be outstanding with two bureaus. But if there’s a problem with just one of your scores, it can significantly hurt your chances for a mortgage loan in Delray Beach.
Everyone makes mistakes. Sometimes even simple errors can show up on credit reports. That’s why it’s important to review all of your scores. If you’ve noticed a discrepancy, you’re allowed to dispute the score. If you have any debts regarding student loans, credit cards or personal loans, they’re going to automatically appear on your credit report. There’s another overlooked factor about credit reports. Every time you apply for a credit card or a loan, it will be reported to all three credit bureaus. If you’re seeking home financing in Delray Beach, you want to avoid filling out multiple applications in a short amount of time. Many home lenders see this as a red flag.
Good credit is only one factor that goes into applying for a mortgage in Delray Beach. But it’s not the only thing which determines your ability to get a home loan in Delray Beach. Home lenders also take into consideration a homebuyer’s income, employment history, current monthly debt, the size of the loan along with the down payment.
Getting a home loan in Delray Beach doesn’t have to be a complicated process. The professionals at Ace Mortgage Loan Corp, can help explain and provide the best options to help homebuyers achieve their piece of the American Dream. For more information, call Ace Mortgage Loan Corp. today and schedule an appointment.