Florida Mortgage Lender Blog & Real Estate News

If you’re buying Florida real estate, you might start worrying about your credit score. Unfortunately, there are a lot of myths about that score, and many individuals actually end up making things worse by following them.

Read this list of common credit score myths and be in the know before talking to a lender:

1. Close out your credit cards. This is a big no-no, especially when you want to buy Florida real estate. Closing out your older credit cards, especially, can actually make your credit score drop.

2. Lower your credit limits. Lowering your credit limits can hurt your credit score. Part of your credit score is based on how much credit you have available.

3. Get good credit by paying all your cards in full. If you’re buying a home, part, if not most of the cost will be credited. What lenders want to see is that you know how to handle credit, not that you don’t have any debt. Instead, use 10% to 20% of your available credit and pay your bills on time.

4. Comparison shopping for the best credit rates is a no-no. Not true. However, if you’re comparison shopping, do so in a short period of time. That way, all queries hit around the same time and get lumped into one “hard” inquiry.

5. Checking your score can hurt you. You’re entitled to one free credit inquiry from each of the three top credit agencies per year. Just make sure you're the one who asks for your credit scores instead of having a friend at a financial institution do it for you.

6. The more you make, the better your score. This is only true if you use the extra income to pay off your debts. Making more money, by itself, will not increase your credit score.

Of course, you want to make sure you have the best credit score you can if you’re buying Florida real estate. However, before you listen to the hype and myths, make sure you know the facts!

If you’re looking for a new home, we can help. Call us at 407-876-5771 for more information.

Posted by Real Estate - Associates on August 1st, 2009 5:30 PMPost a Comment (0)
Recent Posts:
Archive:
My Favorite Blogs:
Sites That Link to This Blog:

Orlando Homes for Sale image

Orlando Home Valuation image

Orlando Short Sales Foreclosure image

Access Florida Mortgages: We search Florida mortgage lenders to find the right Florida mortgage rates and best program for you. We find loans to purchase or refinance a house, debt consolidation, home improvement, 2nd mortgages, investment & commercial properties. Giving you peace of mind during the loan search process by doing all the legwork for you.

Florida Short Sale Center & Orlando Short Sale Center: offer homeowners a way to avoid foreclosure with a short sale and help save their credit.  We have a team of licensed Realtors and loss miitigation experts accross the entire state of florida who specialize in pre-foreclosures and the short sale of all types of property.

Florida Mortgage Loans & Programs Offered: New Home Purchases – First Time Home Buyer – Interest Only Loans – Second Mortgages – Jumbo Loans – Home Equity Loans – No Money Down Mortgages – Cash Out Refinancing – Debt Consolidation – Mortgage Refinancing – Home Improvement Loans – Home Loan Refinance – FHA Loans – Bad Credit Mortgage – Variable Mortgages – Commercial Mortgage – Home Mortgages – First Mortgages – Reverse Mortgage – No Documentation Loans – Low Documentation Loans – Foreign National Loans – Condo Hotel Loans – Investment Property Loans.

Florida Mortgage Statewide Metro Service Areas: Cape Coral – Fort Myers, Deltona – Daytona Beach – Ormond Beach, Fort Walton Beach – Crestview – Destin, Gainesville, Homosassa Springs, Jacksonville, Key West – Marathon, Lake City, Lakeland, Miami – Fort Lauderdale – Miami Beach, Naples – Marco Island, Ocala, Okeechobee, Orlando – Kissimmee, Palatka, Palm Bay – Melbourne - Titusville, Palm Coast, Panama City – Lynn Haven, Pensacola – Ferry Pass – Brent, Port St. Lucie – Fort Piece, Punta Gorda, Sarasota – Bradenton – Venice, Sebring, Tallahassee, Tampa – St. Petersburg – Clearwater, The Villages, Vero Beach, Wauchula

Real Estate Investment Clubs - Orlando Real Estate - Florida Investment Property - SE Florida Realty


Access Florida Mortgages PO Box 692526 Orlando, FL 32869-2526
Phone: Fax:

Tell a Friend | Home | Our Blog

Copyright © 2012 Access Florida Mortgages
Portions Copyright © 2012 a la mode, inc.
Another XSite by a la mode, inc. | Admin Login| Terms of Use| Site Map