Many first-time Anytown home buyers ask me how their credit status will affect their ability to obtain a mortgage for their Utah home. As a professional Real Estate Marketing Agency real estate agent, I can help you understand all aspects of the Salt Lake City home buying process so that you will be an informed consumer, one who is in the best possible position to obtain a Utah mortgage loan, and ready to purchase a Anytown real estate property or to invest in Anytown real estate.
When you apply for a loan for your Provo commercial,St. George land, or Ogden commercial, a lender will evaluate their ‘risk’ based on the likelihood of your paying back the mortgage on your Utah property.
To determine your ability, they look at two things: your debt-to-income ratio (DTI) and your credit score. Your DTI represents the percentage of your gross monthly income that is applied to outstanding debt. The higher the number, the harder it would be to make the monthly payment on your Salt Lake City area real estate.
Lenders also look at your credit score. Credit reporting agencies maintain records on every person in Utah and throughout the country who has ever been extended credit. (Can you imagine the size of their databases?) Your credit score is that all-important number that represents your credit profile, or credit history. Remember your first credit card? The student loan payments that went on forever? Those unexpected medical bills? They are all contained in your credit score, and will each have an effect on your ability to get a mortgage loan.
Responsible payment history will produce a higher score. However, if your credit history is less than perfect, I can help you explore mortgage options so that you can purchase one of the Salt Lake City real estate properties currently for sale.
Call me at 801.938.3466 and we’ll talk about the latest developments in the Anytown Utah real estate market.
Serving you with intent