Credit Scores and Credit History

Credit scores and good credit history is the name of the game when purchasing an Affordable San Antonio Home. So many buyers today are getting great interest rates on the loans they are getting, yet they are not getting the best rates. The reason is the credit score and possibly a little work will bring it past the next threshold to decrease the rate.

There are many lenders out there that will lure an excited buyer into their lair (office) with the statement that credit scores and credit history don’t matter and yet they do! Here is a perfect example: a 0.5% increase in interest rate will increase the monthly payment by 5-7%. So if you are a veteran wanting to make use of your VA Benefits and you have a 650 middle credit score the interest rate could be around 4.50%. If your middle credit score was 700+ then your interest rate would be 4.00%. A fifty point difference may or may not be too hard to over come and yet that is dependant on your credit history.

Lot’s of time there seems to be a lot of confusion about how to improve credit scores and what is entailed in looking at credit history. My recommendation is always to consult a lending professional that you can sit across the table from and review your credit information in detail. Just because the world wide web has a lot of sites offering self-help doesn’t mean that the site you land on will explain the issues in a way that is understandable or outline the proper steps to higher scores.

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