Credit History and the LBI Real Estate Market
- Jan 12, 2021
- 2 min read
Long Beach Island Real Estate Credit History
Credit history in the Long Beach Island real estate market. refers to the record of past financial events and payment events for a borrower. This information is pulled from a credit report and several different financial institutions. A borrower's credit history will go a long way in determining a mortgage's interest rate.
Credit History and the LBI Real Estate Market
Understanding your credit history and the LBI real estate market is a crucial first step to buying a second home or vacation property on Long Beach Island. Even financially responsible individuals can have issues with their credit history. Key events that can impact your ability to get a mortgage or cause a higher interest rate are:
Missed payments
Bankruptcy or foreclosure
Identity theft
Missing payments is an obvious red flag on your credit report and a serious concern on one's credit history. Likewise, a significant financial event like a bankruptcy or foreclosure can potentially eliminate the ability to obtain a mortgage. Identify theft is perhaps the most severe concern on my list. If someone stole your identity and the criminal party ruined your credit without you knowing, it could take years to repair your credit history. For this reason, you should always monitor your credit report and understand your credit history.
Long Beach Island Real Estate Credit History
Buying a home in the LBI real estate market is a significant financial event, and you, as a buyer, should understand all aspects of the transaction. Understanding the relationship between your economic history, your credit report, and the potential impact on your ability to buy a home is among the most critical first steps. 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
