3 Things Homebuyers Should Know About Credit
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Credit is just about everything when it comes to buying a home. You need credit to buy the home (the mortgage), you need credit to qualify for the mortgage, and your mortgage payments will impact your credit if they're not paid or not paid on time.
Many home buyers, particularly first-timers, don't fully understand the impact that credit has on the home buying process. Here are 3 things that home buyers need to know about credit.
1. You need good credit
Your credit score tells lenders a lot about you, whether you pay your bills on time or at all. This tells them whether you'll be able to handle the long-term responsibility of a mortgage and whether they'd need to worry that you might not be able to pay it.
Most reputable lenders won't give a…
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