Lehigh Valley Real Estate - Tips 4 Homeowners, Buyers & Agents

Video Tips for Lehigh Valley Home Buyers - Everything a Home buyer needs to know about Lehigh Valley Mortgage (s) Resources to Lehigh Valley Mortgage programs and Lehigh Valley down payment and assistance programs. - Not only for First Time Home Buyers.

View a Video from a Lehigh Valley Mortgage Advisor on What Effects your Credit Score but make sure you check out the information below as there are many other helpful Home Buyer resources available.

Many Lehigh Valley Home Buyer found it helpful to know about The First 5 Steps in buying Lehigh Valley Home and Pre-Qualifications Vs Pre-Approval. 

The Lehigh Valley Home Buyer credit score - the earth seems to revolve around your credit score these days.  In order to maintain or improve a home buyers credit score you will need to understand what makes it tick.

What is a credit score?   Imagine if you will that you are taking an exam. On this exam you are awarded points for positive behavior yet points are also removed for negative behavior.  This is the same concept used in determining your credit score.  Your credit score is actually three sets of numbers. These numbers can vary from 300 to 900 points.   Typically, the middle of the set of numbers, not the average, of these scores   is used for financing.  This middle score is called your mid-score. Why is it used? Your credit score is used whenever there is an involvement with money.  

Lehigh Valley Mortgage companies want to make sure a home buyer looking to purchase a home in the Lehigh Valley Pa area will repay a debt and manage this debt and/or money.

When is a credit score used in the Lehigh Valley area?  Home, auto, and bank loans  - credit cards - educational student loans  - in determining your interest rate -qualifying for some types of insurance -employment - renting or leasing. You are probably asking yourself how can I improve or how am I hurting my credit score? If would like to buy a home in Lehigh Valley PA.

The key to obtaining a high score in the Lehigh Valley - pay your bills on time and in full - Use 35% or less of your available credit - maintain a steady employment record - maintain your length of credit history.  Meaning the longer your credit history - the higher your credit rating.  

Items that will lower your credit score in Lehigh Valley PA include - Late or missed payments -utilizing more than 80% of your total amount of available credit or over 50% of your individual available credit.  The more outstanding debt you carry - the lower your credit score. also in Lehigh Valley PA - bankruptcies -tax liens - periods of unemployment - collections - closing out credit cards in which you carry with a long credit history and - too many inquiries on your credit.  The more times you have your credit pulled, the more the banks grow concerned that you either are financially struggling, may have a lot of debt, or want to incur more debt.  If you are having your credit pulled multiple times to shop for the best home for sale in Lehigh Valley PA you may be inadvertently damaging your credit score.

Copyright© Moriah Martin RE/MAX real estate * Lehigh Valley Homes - Mortgage - What Effects your Credit Score and getting a Lehigh Valley Mortgage - How understanding Mortgage Programs can help the Lehigh Valley Home Buyer  a Home Buying Video Series*

Hello there and Thank you for visiting my blog!

Have you heard the news? Your Credit is being used for not only buying a home, car, getting credit from your local department store or your major credit cards...but, even sometimes...employer's are pulling your credit as part of the application process!

So, What the heck do you need to do to keep your credit in line?  Where do you start?  Credit is a very complex issue and there is all kinds of FREE education out there...This video is meant to give you a start in understand the basics of Credit and what effects your score...take a look and then see some additional resources below.

Additional Home Buying Video's: www.MyHomeHunter.TV

Email Me for personalized Service.

Additional online Resources to help research about Credit

100's of Articles on Credit: www.MyFico.com

5 Factors that decide your credit Score

What can you do to improve your credit

I hope this information has helped you!

PLEASE REPORT TYPOS, Comments and Suggestions welcomed and appreciated

Have you been contemplating how to...Clean up your credit? YOU're NOT ALONE IN THIS BOAT!

• Would you like to start Working toward buying a home?
• Not sure where to start?
• Do you think you have the perfect plan on accomplishing this goal?
• Do you know anything about how FICO rates your credit?
• What affects your credit score? 
• What are the dos and don'ts in repairing your credit?

NOT SURE......KEEP READING!

I felt the need to write this blog because I made the same mistake recently.  There are many reasons in life why someone's credit may be effected in a negative way and really when it comes down to it...it's usually  a situation  you had no control over....But, whatever the reason in your life...THERE IS ONLY ONE WAY TO FIX YOUR CREDIT and this is  with the guidance of a Mortgage Professional.  A professional trained in helping you reach your goals...not only now but in the future.

That's right! I thought...what better way to fix my credit than to pay everything off?  Close all my old credit accounts that are not being used and actually get rid of all credit lines..this way I would not be tempted to use them at all?!  That was a great plan and I was going to stick with it!

WRONG....WRONG....WRONG!

THAT WAS NOT ONLY A BAD PLAN, BUT it would have actually hurt my credit score .....Not help me!

I should have taken my own advice, always seek the guidance of a professional trained in the area you need help. The specialist I turned to is , Melissa Falcone  a true Mortgage Professional...she can help you set goals, show you exactly what you need to do to work toward fixing your credit and do all the things to raise your score. NOW, you are actually working toward a positive credit repair program, not a negative one.  Unlike many people I have met in the Mortgage Industry, Melissa is willing to work with you even if you are not ready to purchase a home right now....that's truly someone who cares about your future.  Like Real Estate Professionals...Mortgage Professionals get paid on commission. You would think just that alone would make for a more reliable source of advice, not so. Like Real Estate Professionals not all Mortgage Professionals work with the same convictions.  Melissa and I agree that, since purchasing a home and all that is involved with the process it is so very important, and affects our clients lives so greatly, we not only want to work for you in just one transaction, but to  develop a long term relationship with our clients...our friends. It just makes sense to keep working with people that truly understands your situations and has taken your best interest to heart.

Just a few pointers I have learned from Melissa;

•1)    You should have 2 major trade lines, "Major credit cards"..but, do not charge more than 50% of the balance.  It is actually better to stay below 30%.

•2)    You do not want to close all credit card accounts. Lenders like to see history...so if you close an old account, you could be hurting yourself.

Everyone's situation is different, so it is important to obtain Melissa's guidance on an individual situation.

Other Resources:

My Fico Website

Understanding Your Credit

Link to Melissa Falcone