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First-time Homebuyer, High-End Buyer, Credit Challenged, Multiple Units/Condos, No Down Payment, Investors.

All About Your Credit
How credit influences your home financing options. Credit: An agreement to borrow money with the promise that you will pay it back at a later time through scheduled payments, which usually include interest— additional money charged for the privilege and convenience of borrowing.
 
If you've ever dreamed of owning a home, maintaining good credit is the key to achieving that dream.

Your credit is one of the first things lenders examine when considering you for a loan. Making payments on time is the most important way to establish good credit. A pattern or history of frequent late payments can lead to a poorcredit score that could negatively affect your ability to be approved for future  loans, or result in a loan offer at a higher interest rate.


Your Credit Report
When considering you for a loan, mortgage lenders will review your credit report, which displays your credit history and credit score.Your credit score, also called credit rating, is based on a summary  of your overall credit history. It is shown as a number that provides lenders  with a fast and objective way to predict how likely you are to repay a loan. 

Lenders use your credit report to decide: Whether or not to approve you for a loan, the type of loan you qualify for, the interest rate to charge you.

The Importance of Good Credit
Your credit history will follow you throughout your life. Making good credit decisions along the way will help a great deal when you're ready to realize the 
American dream of home ownership.


Coldwell Banker Mortgage can help you gain a better understanding of credit, and help show you how to maintain a good credit rating. 

Click here for answers to some frequently asked questions about credit.