When applying for a mortgage, your credit score is important. Credit scores range between 200 and 800, with scores above 620 considered desirable for obtaining a mortgage. The DiMora Team are real estate experts in the Northville and Novi neighborhoods and we know how important your credit history is. If you are late on credit card obligations, filed bankruptcy or have liens, they can also impact your history. If you owe a great deal of money on numerous accounts, it can indicate that you are overextended. However, it’s a good thing if you have a good proportion of balances to total credit limits. Also, the length of your credit history the better for you. The average consumer’s oldest obligation is 14 years old, indicating that they have been managing credit for some time. New credit, either installment payments or new credit cards, are considered more risky, even if you pay them promptly. Check out below to see what sold in Woodlands of Northville in August 2016:
44589 White Pine Circle E, Northville: 5 bedrooms, 4.1 bathrooms, 3,580 sq. feet, 3 car garage, Sold Price: $710,000
Also, the types of credit you use is important. Generally, it’s desirable to have more than one type of credit — installment loans, credit cards, and a mortgage, for example. For more information on Woodlands of Northville, or similar Northville or Novi neighborhoods such as Autumn Park, Northville Hills Golf Club and Steeplechase, contact The DiMora Team today at 248-505-7728 or firstname.lastname@example.org.