Credit Reports – How Important Are They When Buying a Home?

Villa Properties Credit Reports and Home BuyingWhen the time comes to buy a home, most people do not have the money to buy their house in cash. This means that, sooner or later, if you want to buy a home, you’ll need to speak with a lender who will refer to your credit report. Your credit report will help them decide whether or not to lend you the money.

Why is that? Credit reports are used by lenders to evaluate the risk of lending you money to buy a home. Lenders reviews items such as: ability to make payments on time, your level of debt relative to your income level, types of credit you’ve been able to secure, and how long you have had credit. [Read more…]