Without credit, buying a house becomes much more difficult. After all, not many of us have enough money in the bank to be able to write a check for a couple hundred thousand dollars. And, if you can't pay cash, you'll need a loan. Which is why your credit score is so important. It's one of the ways a lender gets a feel for your financial habits and how responsible you are with your money. In short, your credit score will affect, not only the terms of the loan and your interest rate, but whether or not you even qualify at all. So you're going to want to enter the home buying process with as good a score as you can. The first step is knowing what yours is, then checking your history for any errors or issues that can be fixed. But, once you've done that, how do you know where you stand? Well, typically a score over 700 is considered good, with anything over 800 considered excellent. Most scores will fall somewhere between 600 and 750. Overall, Americans' credit has been improving lately. In fact, according to Ellie Mae's most recent Origination Insight Report, FICO scores on all loans last month increased to 750. (source)
It is being seen that people have worked on their credit scores and are ready to purchase a home. For buyers in Eastern, NC this has become an easier process. This area has a good inventory of homes and with credit scores up, and prices staying moderate, buyers are able to get into the housing market and get the home they have been looking for. To see some of the available inventory go to: https://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/?notif_t=page_admin.
