The DiMora Team are real estate experts in the Northville and Novi neighborhoods and we know how important it is to have a high credit score when applying for a mortgage. Credit scores range between 200 and 800, with scores above 620 considered desirable for obtaining a mortgage. Your payment history for your credit cards is a deciding factor. If they were late, then how late? Bankruptcy filing, liens, and collection activity 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. In general, the longer you have had accounts opened, the better. The average consumer’s oldest obligation is 14 years old, indicating that he or she has been managing credit for some time, and only one in 20 consumers have credit histories shorter than 2 years. Check out below to see what sold in The Villas at Northville Hills Golf Club in July 2017:
16740 Lochmoor Circle E, Northville: 3 bedrooms, 3 bathrooms, 2,524 sq. feet, 2 car garage, Sold Price: $440,000
The Villas at Northville Hills Golf Club Home Sold
July 2017
How much new credit you have is also taken into consideration. New credit, either installment payments or new credit cards, are considered more risky, even if you pay them promptly. 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 The Villas at Northville Hills Golf Club, or similar Northville or Novi neighborhoods such as Blue Heron Pointe, Edgewater and Island Lake Arbors, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.