Here's How Having Good Credit Pays
If you're thinking about buying a home, looking at your credit and understanding why it pays to have a good credit score is important. We can offer quick, simple tips to help boost your credit score and if you need it, we can introduce you to companies that specialize in credit repair and provide a free consultation. Watch the video to learn more!
Video transcript
Thinking about buying a home? Well one of the first steps of getting into the home of your dreams is to make sure you have a good credit score. Low credit hurts your chances of qualifying for a home loan and it can cost you more money due to higher interest rates. Let's take a look at buying a home for $250,000. A lower credit score could mean higher interest rates raising that monthly payment as much as $200 more a month but with a credit score above 700 your interest rate drops and you could be saving an extra $200 a month. That's a potential savings of $2,400 a year or twelve thousand dollars over five years just for having good credit! It pays to have good credit. You get the best interest rates and you save more money.
Don't forget having low credit doesn't necessarily mean you didn't pay your bills on time. There could be many factors lowering your credit score incorrect charges, outdated debt that should be removed or cases of identity theft. Whatever the reason if one of these common problems is on your credit file it could boost your score once you have it removed. So how do you build good credit? New American Funding can offer quick simple tips to help boost your credit score and if you need additional help we can introduce you to companies that specialize in credit repair and provide a free consultation. And if you do decide to work with them the cost you pay to repair your credit is minimal compared to the high cost of buying a home with a low credit score. When you take the first step towards repairing your credit you're one step closer to making your dream home a reality.
