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Reserve Realty Blog

Thursday, May 05, 2016   /   by Troy Schlicker

Get Your Credit Score in Shape Before Buying a Home

How strong is your credit? Cleaning up your credit is essential before you make any major financial moves. Having a bad score can hurt your chances of being able to open a credit card, apply for a loan, purchase a car, or rent an apartment.

It is especially important to have clean credit before you try to buy a home. With a less-than-great score, you may not get pre-approved for a mortgage. If you can’t get a mortgage, you may only be able to buy a home if you can make an all-cash offer.
Or if you do get pre-approval, you might get a higher mortgage rate, which can be a huge added expense. For example, if you have a 30-year fixed rate mortgage of $100,000 and you get a 3.92% interest rate, the total cost of your mortgage will be $170,213. However, if your interest rate is 5.92%, you’ll have to spend $213,990 for the same mortgage  - that’s an extra $43,777 over the life of the loan! If you had secured the lower mortgage rate, you could use that additional mon ...

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Reserve Realty
Troy Schlicker
11203 Ranch Road 2222 #2406
Austin, TX 78730
512-809-6166

Based on information from the Austin Board of REALTORS (alternatively, from ACTRIS) for the period through 2019.® IDX information is provided exclusively for consumers' personal, non-commercial use. It may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information provided is deemed reliable but is not guaranteed and should be independently verified. The Austin Board of REALTORS®, ACTRIS and their affiliates provide the MLS and all content therein "AS IS" and without any warranty, express or implied. Data last updated: April 23, 2019

Infornation About Brokerage Services
Consumer Protection Notice

Based on information from the Austin Board of REALTORS (alternatively, from ACTRIS) for the period through 2019.® IDX information is provided exclusively for consumers' personal, non-commercial use. It may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information provided is deemed reliable but is not guaranteed and should be independently verified. The Austin Board of REALTORS®, ACTRIS and their affiliates provide the MLS and all content therein "AS IS" and without any warranty, express or implied. Data last updated: April 23, 2019 Texas law requires all real estate licensees to provide this link to Information About Brokerage Services:www.trec.state.tx.us/pdf/contracts/op-k.pdf
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