Michele Buckman has put together some videos discussing the current DC market and what the future may hold for the real estate market in the Washington DC area.
Thinking about buying a home? Then you should also be thinking about your credit score. Your credit score will help determine your mortgage interest rate, how much money you can borrow, and the amount of paperwork needed for mortgage approval.
A credit score is determined based on a borrower's entire credit history and then translating it into a three-digit score. Credit scoring systems examine the borrower's record of paying debts, payment histories, collection accounts, and public records. Credit scoring systems also look at a borrower's outstanding balances against available credit limits, as well as the number of inquiries to a borrower's credit has been made.
A low credit score can lead to a borrower having to pay higher interest rates on a mortgage. So how can you increase your credit score to aid the mortgage process?
For more advice on increasing your credit score and how a high credit score translates to an easier mortgage process, contact Michelle Buckman. Representing W.C. & A.N. Miller and Christie's Great Estates properties in Chevy Chase, Northwest Washington DC, Capitol Hill, and the Trinidad DC neighborhood, Michelle works with a full range of clients, notably first-time homebuyers.