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Credit Help: Buying Real Estate -- Not the Same as Buying Cars
Credit for Buying Real Estate is Different than Credit for Buying Cars Forget what you've been told about credit. You may be shocked at some of these tips because this information runs contrary to what other so called experts tell you. Qualifying for a real estate purchase requires different credit than automobile financing or retail credit. Common Credit Myths 1. You need to pay off your credit cards Credit Facts 1. Paying off your credit cards lowers your credit score Why not pay off credit cards? Because paid off credit cards do not compute in your credit score. Real estate lenders like to see open, active accounts with low balances. Why not close accounts? Closing accounts before the payoff often costs consumers more money because credit card companies raise interest on closed accounts. You can buy real estate with poor credit, but you will save thousands in loan costs if you maintain good credit. A bad credit report leaves homebuyers with sub-prime loans which have higher point charges, prepayment penalties, and higher interest charges, which therefore cost more money. For instance, a mortgage loan of $150,000, 30-year, fixed-rate mortgage, interest rate of about 5.72 percent costs around $870 a month; poor credit scores raise the interest rate over 9 percent and the payments over $1,200. As you see from these payment differences, good credit means that you can finance a more expensive house with the same income, or save $330 each month. Credit Requirements for Mortgages Credit needed to buy real estate is not the same as good credit. Besides your credit score, mortgage lenders consider your debt-to-income ratio and other credit matters, unlike other credit grantors. Your debt-to-income ratio is the comparison of mortgage payment, including taxes, interest, and insurance to your total gross monthly income. Real estate lenders also consider your employment qualifications and your overall debt ratios. Understanding the difference between good credit and the credit needed to obtain real estate financing helps you buy houses! (c) Copyright 2004, Jeanette J. Fisher. All rights reserved. Professor Jeanette Fisher, author of Doghouse to Dollhouse for Dollars, Joy to the Home, and other books teaches Real Estate Investing and Design Psychology. For more articles, tips, reports, newsletters, and sales flyer template, see http://www.doghousetodollhousefordollars.com/pages/5/index.htm
MORE RESOURCES: Couple in California surrogate case also faces two lawsuits over real estate business practices NBC News Altadena’s rough real estate market: Slower sales, lower prices, lottery winner plucking up properties Los Angeles Times Real estate magazine reports Les Wexner as Blue Heron buyer The Martha's Vineyard Times Real estate expert warns socialist mayoral candidate could trigger massive NYC exodus - Fox Business Bedrock flexes its real estate portfolio to grow Detroit's tech ecosystem - Crain's Detroit Business Bedrock flexes its real estate portfolio to grow Detroit's tech ecosystem Crain's Detroit Business Canadian psychologist Jordan Peterson sets up shop in the Valley, records show The Business Journals Experts predicted Minnesota real estate agents would quit, 5 INVESTIGATES found a different reality 5 EYEWITNESS NEWS Office real estate wide open in Denver as vacancy rate hits 36 percent Colorado Public Radio 5 Essential Tech Tools for Real Estate Agents National Association of REALTORS® Vail Valley real estate inventory is on the rise VailDaily.com Real Estate Partners Dollar Tree A New Perspective: Here Comes the Groom | Real Estate Insights Piedmont Exedra Let's Talk Business: June residential real estate sales lagging, heritage grants and more Pueblo Chieftain Dawson County weekly real estate transactions, July 18 Central Nebraska Today State lawmaker joins Westport commercial real estate brokerage as vice president Hartford Business Journal Boston Real Estate Times Unveils 2025 Excellence Award Winners: Honoring the Visionaries Shaping New England’s Future Boston Real Estate Times NAR Real Estate Forecast Summit National Association of REALTORS® Private Credit Surges in 2025 as Real Estate Developers Bypass Banks The World Property Journal What's the most expensive property sold in Rhode Island? July 18 real estate transactions The Providence Journal EG Real Estate: 8 New & 10 Sold East Greenwich News New York Housing Market Trends 2025: Is the Tide Turning for Buyers? Norada Real Estate Investments Property management with an owner’s mindset J.P. Morgan Today’s Mortgage Rates: The States Offering Lowest Rates – July 18, 2025 Norada Real Estate Investments Los Angeles Water & Power commits $100 to real estate debt Pensions & Investments Real estate news: Senior apartments in Tustin sell for $83M; Fullerton Metrocenter snares $118M Orange County Register Real Estate Market Report (June) highlandscurrent.org SRS Real Estate Partners Arranges $4.53 Million Ground Lease Sale of Walmart Property in Deltona, FL citybiz Bridgemarq Real Estate Services® Declares Dividend Yahoo Finance Licking County real estate transfers for June 30-July 4 range from $200,000-$14.6 million The Newark Advocate Corcoran McEnearney Announces Evan Lacopo to Lead the Number One Real Estate Office in Alexandria, Virginia Alexandria Living Magazine Banner Real Estate Group Breaks Ground on 334-Unit The Faywell Multifamily Development in The Heart MultifamilyBiz Moon Becomes Next Real Estate Frontier, NAR Reports Higher Foreign Investment In US Huntsville Business Journal Gravelle advises on current real estate market in Grant County Columbia Basin Herald CBRE Announces Strategic Leadership Appointments Across U.S. & Canada Advisory Business Boston Real Estate Times GenesisM Breaks Ground on 154,000-Square-Foot Biomanufacturing Facility in Bedford, MA Boston Real Estate Times Operation Pawssible: Greenbrier Humane Society gets a boost from local real estate company Mountain Messenger Mapletree Sells Sun Belt Warehouse Portfolio to EQT Real Estate for $241M Commercial Observer AGC MA Announces 5th Annual Building Advancement Externship to Bridge Educators with STEM Construction Careers Boston Real Estate Times July Economist Snapshot: What Will the Big Beautiful Bill Mean for Commercial Real Estate and Housing? Urban Land Magazine Home Buyers: Stop Freaking Out After the Home Inspection National Association of REALTORS® Tips on spotting real estate investment opportunities and avoiding risks, from experts at GR Property Group Community Impact The Pipeline: Commercial real estate roundup for 7.18.25 Richmond BizSense Miami-Dade’s self-storage surge a boom for real estate IslanderNews.com Home Buyers May Have Accepted a New Norm on Rates National Association of REALTORS® Top Stocks for Real Estate Investment Elite AI Stock Forecasts - Massive wealth growth Jammu Links News LOCAL REAL ESTATE TODAY 7.18.25 KQEN News Radio SRS Real Estate Negotiates $4.5 Million Sale of Walmart-Anchored Property in Metro Orlando Shopping Center Business Stage Point Europe Launches Its RWA Token $SPET, Setting it up as a Bridge Between Crypto and Real Estate Morningstar Hunt Companies Acquires Controlling Interest in Carter, Strengthening Real Estate Development Platform Business Wire Law firm expands real estate practice with economic development heavy hitter - The Business Journals Law firm expands real estate practice with economic development heavy hitter The Business Journals Drake Real Estate Partners closes largest fund yet after pivoting to institutions Private Equity Real Estate | PERE Vend Leans Into Verticalisation As Real Estate Revenue Grows 11% In Q2 onlinemarketplaces.com Is Apollo Commercial Real Estate Finance Inc. a good long term investment - Explosive market performance Jammu Links News New plans unveiled for Water Street’s second phase Tampa Bay Times Real estate sales in Jefferson, Bullitt and Oldham counties for Jan. 2-5, 2025 - The Courier-Journal Real estate sales in Jefferson, Bullitt and Oldham counties for Jan. 2-5, 2025 The Courier-Journal CCI Real Estate Obtains $67M in Construction Financing for Mixed-Use Community at University of Georgia REBusinessOnline Median price for Greater Boston single-family homes surpass $1 million for the first time Boston.com Real estate transfers: Lake Township condominium complex sells for $5.61 million - Canton Repository |
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