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 | 5 months ago | Report
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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.
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.
A good lender can suggest actions you can take to improve the probability of being financed for your next home purchase.
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.
You can make your home sale contingent on your buy.
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.
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.
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.
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.
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.
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,
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