If you have questions about getting a mortgage or just want more information please email me at KatieOakes@KW.com and I will supply you with a list of known reputable lenders that work in your area. Feel free to check out my website which has information on the home buying and selling process and has access to every home listed for sale in the Chicagoland area.
Knowing your credit score can help you estimate what kind of borrowing situation you will be faced with if you are looking to buy a home in the near future. Lenders are much more likely to lend money to borrowers that can prove they have a good history of repayment. Credit scores, which can range from 300 to 850, are based on a number of factors but primarily come down to how well you pay off your bills. If you find that your credit score is below average try paying down your debt while minimizing purchases put on credit. Also try diversifying your credit by signing up for a few store credit cards at your favorite shops, but make sure to keep the purchases minimal and within your ability to pay off immediately. The number one rule for keeping your credit score low is to never spend more than what you have, although it is important to have credit usage it is equally as important to pay off your debt as soon as possible. Below is a list of credit score ranges and what lenders view those scores at.
760 or higher: Excellent. Your score is well above the average score of U.S. consumers and clearly demonstrates to lenders that you are an exceptional borrower.
725 to 759: Very good. Your score is above average and demonstrates to lenders that you are a very dependable borrower.
660 to 724: Good. Your score is near the average. Most lenders consider this a good score.
560 to 659: Not good. Your score is below the average. Some lenders will approve loans with this score.
Lower than 560: Bad. Your score is well below the average and demonstrates to lenders you are a very risky borrower.
SOURCE: Scoreinfo.org
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