I've been in my home for 14 yrs. and want to sell but am worried about being qualified for my next home because of my credit score, any advice?

I look to take the profit from my current house and put it towards my next house, will this help in getting qualified for my next home with a lender?
(0) | asked by: Robert Rivas | share | 4 weeks ago | Report
2500 characters left
Answer Tips: Share your knowledge. Be on-topic . Refrain from self-promotion.
* Refer to our community guidelines.

Answers

Viewing Answers 1 - 11 of 11
answer by Tom Allen    |   Contact Me
Definitely discuss this with a lender first, and I'd suggest you have a Realtor as well. You need an accurate evaluation of your home to see what your cash position will be, and you need to fully understand your credit position as well.
0
0
Answer Helpful?
1 week ago  |   Report   |   share
answer by Pam Woodworth    |   Contact Me
Best way to start is with a reputable lender in your area. They can look at your credit score, etc and figure your purchase ability without your current mortgage payment. A good loan officer should be able to give you suggestions or a plan to correct many problems that often effect credit scors. Your realtor should be able to assess the value of your present home and approximately your net from the sale.
0
1
Answer Helpful?
3 weeks ago  |   Report   |   share
answer by Robert Wise    |   Visit My Website   |   Contact Me
A good lender can suggest actions you can take to improve the probability of being financed for your next home purchase.
0
0
Answer Helpful?
3 weeks ago  |   Report   |   share
answer by Omar Scanu    |   Visit My Website   |   Contact Me
Hello, I suggest finding out what your score is and making a plan to boost it if necessary before you do anything. I would be happy to discuss this is more details, please contact me for a free consultation ASAP, Thanks.
0
0
Answer Helpful?
3 weeks ago  |   Report   |   share
answer by Margarita Gurrola    |   Visit My Website   |   Contact Me
You can make your home sale contingent on your buy.
0
0
Answer Helpful?
3 weeks ago  |   Report   |   share
answer by Imelda Interino    |   Visit My Website   |   Contact Me
I have a lender who can pre-qualify you over the phone, avoid the hassle of applying online and get turn down. Also, I am curious about the value of your home in today's market, it may or may not be the right time to sell. I will be happy to provide you with numbers.
0
0
Answer Helpful?
3 weeks ago  |   Report   |   share
answer by Bobby Galvez    |   Contact Me
Your best course of action is to talk to a reputable lender. Your credit issue is a primary consideration and you're wise to want to deal with it right away. There are lenders who offer assistance in improving credit scores, sometimes following a very simple process. No details offered here since your situation is unknown, but an experienced lender will know how to proceed and guide you. As to the potential profit from your current house, a Realtor can prepare a Comparative Market Analysis for you. You'll see what a likely sales price will be for your house, and an experienced agent will also be prepared to show you what your net will be after loan payoff and closing expenses. You'll have a clear idea as to what amount you'll carry from your current property towards your next. Please feel free to contact me, I can recommend a lender with credit repair experience, should you need it. I can also refer you to an experienced Realtor who lives near Kyle.
0
0
Answer Helpful?
3 weeks ago  |   Report   |   share
answer by Harjeet Bhatti    |   Visit My Website   |   Contact Me
Start working with your local lender who can spend some time on your credit. There are some lenders who offer free help to improve your credit. That will take time but you will be better prepare for your mortgage.
0
0
Answer Helpful?
3 weeks ago  |   Report   |   share
answer by Ross Quade    |   Contact Me
Pay off any judgments, keep your utilization rates on your credit cards below 30% and don't buy a home you can't afford the monthly mortgage payment on. Aim for less than 35% of your monthly mortgage amount after all taxes being paid from your monthly income.
0
0
Answer Helpful?
4 weeks ago  |   Report   |   share
answer by Allen Deaver    |   Contact Me
My advise would be to contact a mortgage professional for a pre-qualification. If you do have some issues they can advise how to remedy the problem. Can recommend a Kyle area mortgage professional.
0
0
Answer Helpful?
4 weeks ago  |   Report   |   share
answer by Allison Pflaum    |   Contact Me
There are many factors involved with the loan qualification process. We work with several great lenders, and I am happy to help you get in touch with them. They can help you find the right loan program for you specific needs. Allison Pflaum, Realtor - Hays Home Team at Keller Williams Realty,
0
0
Answer Helpful?
4 weeks ago  |   Report   |   share
Please read Homes.com's Questions & Answers Community Guidelines.