Credit Scores in the LBI Real Estate Market
- Feb 17, 2021
- 2 min read
What is a Credit Score and How Does It Impact the Long Beach Island Real Estate Market
A credit score in the LBI real estate market is a number that is calculated by your usage of credit to determine your eligibility as a borrower. This is a very important number when looking to buy a home in the LBI real estate market with a mortgage. Generally speaking, a good credit score will lower interest rates and make you a more attractive customer to a bank or mortgage company.
Credit Scores in the LBI Real Estate Market
A credit score, or FICO score, is usually determined by the following:
Your payment history
Your current level of debt (how much credit you are using)
Length of your credit history
New types of credit being used
The composition of your credit (between credit cards, mortgages, car payments, etc.)
Your credit score can play a significant role in your ability to buy a home in the Long Beach Island real estate market. Having a good or bad credit score can also impact other parts of your financial life, so a regular check on this significant number is highly recommended.
What is a Credit Score and How Does It Impact the Long Beach Island Real Estate Market
When buying a home in the LBI real estate market, a prospective purchaser should understand the market and its influences. This goes beyond understanding what makes Long Beach Island value to the financial areas like credit scores, interest rates, etc. Knowing these essential facts will make you a stronger buyer! If you have any questions about buying, selling or investing in the LBI real estate market, please do not hesitate to contact me.
By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
