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Posts from February 18th, 2019

Griffith Realty

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February
18

Understand the 5C's of Credit to Buy a Home
Before you go shopping for Brighton homes for sale, you'll want to make sure you're financially prepared. That includes looking at the 5C's of credit. Lenders use this formula to determine your creditworthiness, and knowing what they'll look for ahead of time can help ensure you'll be able to finance the home you fall in love with.

  1. Character. Banks don't want to lend money to people who aren't responsible enough to pay it back, which is understandable. According to the U.S. Census Bureau, both the average home price and median home price in 2018 was well over $300,000, and that is a lot of money for most people. Your mortgage lender likely doesn't know you personally, so they use your credit reports, history and scores to help determine if you're trustworthy, credible, and fiscally responsible.

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