Is Your Credit Ready For Buying a Home?

When you apply for a mortgage, your qualifications will be reviewed, and your credit will have a significant impact on what interest rates and loan products will be available to you. The stronger your credit, the better chance you have at qualifying for a great interest rate and more loan options. Because of this, your first step in the homebuying process should be examining your credit. Here’s how you can find out if your credit is ready for buying a home.

According to a survey conducted by Merrill Lynch and Age Wave, older Americans are less worried about their home-related finances and more excited by the new opportunities retirement brings. While 2/3 of retirees say they’re living in the best home of their lives, the rest are wondering if they should stay put, downsize or consider alternatives like assisted living. If that sounds like your parents or other older family members, ask them to consider the impact a new location could have on their lifestyle, finances, family and well-being. Is it time to move, or have they been living in their dream home all along?

• REVIEW YOUR CREDIT REPORTS
  Your credit reports contain the details of your credit history that are used to calculate your credit scores. For that reason, it’s important to regularly review your reports to ensure all your information is correct and to check for any fraudulent activity.