Why Your Credit Is Important
Before a lender can approve a loan on a home, they will run a credit report on the borrowers. The credit report summarizes the credit history of the borrower. It also contains the all important "credit score". The credit score is a numeric representation of the borrowers credit history that determines what kind of a loan the borrower can obtain.
What difference does it make?
In makes a difference in the interest rate of the loan and the amount of down payment the borrower will be required to make. A lower interest rate allows a borrower to buy a more expensive home...with more amenities.
If you are interested in knowing exactly home much home you can afford, have Linda Grissette have a lender contact you.
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