Your Credit Score : The Move to Homeownership

It’s no secret that the higher your credit score, the easier it is for you to qualify for a loan and get a better interest rate. Dan Ryan Builders can connect you to the right resources who know what to look for in order to help you raise your credit score. We have solutions to make buying a new hone easier AND more affordable.

Once you have narrowed your price range for your home and are ready to buy, it’s time to get preapproved for a loan. If you are a less than desirable candidate for a loan, you can raise your credit score with these tips:

• Pay your bills on time. Delinquent payments can have a major negative impact on your score and the longer you pay your bills on time, the better your score. For example, someone with an average credit rating of 707 can raise their score by as much as 20 points by paying all their bills on time for one month. 
• Keep balances low on credit cards. High outstanding debt can affect your score. Maxing out your credit cards could lower your average score by as much as 70 points. 
• Don't open a number of new credit cards that you don't need. New accounts will lower your average account age, which could actually lower your score by up to 10 points. [Source: CNN Money]

The loaning process can be daunting, but Dan Ryan Builders is here to help you. Whether it is to give you helpful advice or take you through the process. Contact a Dan Ryan associate today!