Things First Time Homebuyers Should Know About Credit in Warwick

by | May 25, 2021 | Credit Counseling Service

If you are getting ready to buy a house, you are probably excited about this new chapter in life. When purchasing a home, there are a bunch of moving parts. You must get approved for a loan, find a real estate agent, pay closing fees, and more. Read on to find out three things a first-time homebuyer should know about credit.

What Your Character Says

Your credit measures character. Your credit report has information about your transactions and credit accounts. A lender can look at your credit report to see how many accounts you have in good standing and how often you make payments on time. It helps to know what goes in credit scores to improve them with a credit clean up in Warwick.

Can You Repay the Loan?

Capacity is something else a lender considers. This is your ability to repay the loan. Your employment and income measure capacity.

The Importance of Capital

A home is one of the most significant purchases you will ever make. Capital is the money you have left over after purchasing a house, along with properties and assets that can be liquidated and any other investments. The bank does not want you to clean out your bank account to buy a house. If you want to get your credit in good standing, you will need to talk to a company that offers credit clean-up in Warwick.

To obtain a loan, the lender must be confident that you can repay it. If you meet these requirements, you will end up in your dream home.

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