When it comes to purchasing----Is Cash still King?
“Sandra good credit is the same as money in the bank.” That’s what my Uncle Curtis use to always tell me when I entered into his real estate brokerage decades ago. That was a true statement then and it’s a true statement now. But why do so many of us take credit and its importance so lightly.
Whenever prospects inquire about how to buy real estate, most come in with a hope and a prayer that their credit will be sufficient for a loan approval. Others contend they don’t know what’s in their credit profile, but yet never bat an eye when it comes back riddled with collections and delinquencies.
According to the Federal Reserve Economic Research & Data Statistics released June 2015
Revolving and nonrevolving consumer credit both increased at a seasonally adjusted annual rate of 7 percent during the second quarter. In June, consumer credit increased at an annual rate of 7-1/4 percent.
Yes. We like to purchase on credit; but, for some folk -pay back ….in the words of J.G. Washington can be “a real mother for ya- yeah”
We fall in love with a gorgeous piece of property only to find out there is no romancing without financing.
It’s important to start your property search with the details of a prequalification or a pre-approval as the first step. If you’re looking to acquire property in the next 6-12 months get pre-qualified. If you need to buy now or within the next 6 months get pre-approved.
Be up front with yourself about your past credit experiences and know where you stand. Being proactive about buying your 1st property or your next property will start with identifying your strengths and weakness on your credit profile and be willing to put forth effort to make necessary changes. Take the time to check out your credit report for yourself. Review your credit history for errors and fraud and be certain the person they are identifying in the report is you. If you have unpaid delinquencies, collections or high balances, make plans to pay them off or pay them down. Bear in mind that even if you are only seeking to lease, rent or buy on Land Contract, your credit profile will strongly impact whether or not you acquire that piece of property
Sit down with an experienced Realtor, Lender or both and find out how painless it can be to discover if you can pursue your love of homeownership now or put out a few fires on your credit profile before your feelings are bruised with a credit denial.
You can obtain a free credit report every twelve months from each of the three nationwide credit bureaus,
For more information visit www.annualcreditreport.com or call (877) 322-8228
Truth is--- Cash is King---but Credit gets you in.
“The best person to “face” the problem is also the best person to “fix” the problem – that is you!!! -
The Credit Repair
Book:
The Credit Repair Company's Secret Weapon.”
―
Cornelius J.,
The Credit Repair Book: The Credit Repair Company's
Contact Info:
Sandra Dixon
Associate Broker
Quality Service Real Estate Company
(313) 259-5559
Call us: 313 -259 -5559
or email:quality@qualityservicerealestate.com
Where to find us:
2711 East Jefferson Avenue Detroit, MI 48207