Morristown NJ Home Buyers, Your Credit Score Is Very Important!
Just as the title says, your credit score is very very important. Now that we are in a credit squeeze if you have or are careless with your credit, you likely will not be getting a home mortgage to purchase a Morristown New Jersey home or a home anyplace else for that matter. In the near future you may find that you cannot get a car loan, credit cards, or even rent an apartment.
Everyone is checking credit these days, even car insurance companies. I don’t really know what your credit score has too do with how good you drive, but many of the insurance companies seem to think it is a big deal.
You can find out your credit score by getting pre-approved for a mortgage, in most cases it is totally free to do so. You can also go to websites on the internet such as freecreditreport.com though you should be careful, they are going to ask for your credit card information, and if you don’t cancel within 30 days they will charge you $9.95 per month for their credit watching service.
This article created by James Boyer, Full Time Professional REALTOR. Proudly helping buyers get great deals on Morristown NJ Real Estate with extensive knowledge of the area, and superior negotiating skills. For more local information about Morristown New Jersey visit my websites.
7 Responses to “Morristown NJ Home Buyers, Your Credit Score Is Very Important!”
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October 11th, 2008
With so many loans going FHA it also important to remember that they want everything paid ontime for the last year regardless of the score. That is what I am hearing from lenders
October 11th, 2008
That’s right Curtis, and there are lots of people going with FHA mortgages to purchase their homes. Especially first time home buyers.
October 11th, 2008
I just heard from a mortgage broker that credit card companies will soon be lowering limits on unused credit cards. This could effect buyers credit it there total revolving credit card debt gets to 50% or more of their total limit.
October 16th, 2008
Does anyone think things are going to recover soon? Does is make sense to buy a house now or wait until prices drop further?
October 16th, 2008
Hi Jon,
Thanks for your comment. Will the real estate market recover soon, that is up in the air right now. What is fairly certain, is that Morristown home prices have come down, and home mortgage interest rates are down at nice levels. If you the consumer has good credit, and wanted to buy a home, you can do it, and have a fairly good feeling that 5 years from now you would be looking back at the 2008 home buying market as a gift. Here in Morristown NJ there are plenty of affordable homes which have become even more affordable with the price declines, and now the much lower mortgage interest rates.
My advice to everyone is, if your are buying a home or not, keep your credit in as good a condition as you can. In the long run you will be so grateful that you did.
October 24th, 2008
Well said James.With the kind of situation we are in right now its better to keep your credit in a good condition as you never know when we need them
November 24th, 2008
Yes, if your in Morristown NJ, or any other town, your credit score is very important. Morristown NJ home buyers should keep their credit is good standing.