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DFW Real Estate – Don’t Let Your Credit Stop The Home Buying Process

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As experienced Flower Mound and DFW real estate agents, we know that many people are not very aware of their credit scores or what factors influence those scores until they go to make a substantial purchase. You know that buying a new home is the biggest investment you will probably ever make, and that it will take energy, focus – and of course a capable realtor. What you may not realize is that when it comes time to fill out the mortgage application, things may come to a screeching halt. By checking out your credit report well in advance, it may help to ensure smooth sailing at application time.

You may not know that the average credit score in our country is about 688 – not too bad, or is it? When it comes to getting a mortgage, that may not be good enough. Once you have learned what your score is, if there are any credit issues that need to be addressed you may be able to prevent the home-buying process from being delayed, depending on the problem.

The mortgage application process can be delayed when your credit report indicates late payments, even small amounts owed to a creditor that can be taken care of quickly. If you owe a small amount that you may have forgotten, make the payment and record the receipt. The bank or lending institution will likely proceed forward immediately once they see that the account is up-to-date.

Identity theft is a bigger issue, and will likely take a bit more effort and time to get ironed out. Inform the bank about the problem, and make them aware that the charges are not yours. Be sure to document all of the details in disputing the fraudulent charges with the credit bureau, and your efforts to have the charges removed from your credit report. This will take time, possibly up to six months. In the majority of cases involving identity theft, the bank will move forward with your mortgage application, but closing may be postponed or delayed until the applicant can provide solid proof that the issues have been addressed and taken care of.

It may be that you can make a settlement with a creditor with whom you cannot afford to bring payments current with which the bank will agree to. The issue in this case is that if the creditor accepts your settlement, it may demand complete payment of the debt. You may want to consult with a mortgage specialist in situations such as this.

Take a good look at your credit report if you haven’t done so in a while and are considering purchasing a new home in the Dallas-Fort Worth metro areas of Flower Mound, Frisco, Denton, Highland Village, or other nearby communities. It could mean the difference between buying a home, and being turned down!

At Team Nelson, our goal is to help potential homeowners find their dream homes and enjoy a seamless, smooth purchasing process. Contact us today for all of your real estate needs!

What People Are Saying

  • We utilized Bill Nelson for the sale of and purchase of two houses in Flower Mound. On our sale we interviewed various brokers to see who we thought would provide the best value. His pricing strategy brought us the most of any realtor we looked at. He is extremely knowledge of the market and has a great support team.

    Steve Belken Avatar
    Steve Belken
    12/11/2018

    Everyone we’ve dealt with at Team Nelson has absolutely gone above and beyond what we would have expected from any realtor. They helped us get our house sold quickly and painlessly for the price we wanted. When we didn’t move forward with the build we intended to and had ongoing issues with the builders even after the fact Bill and Tara have still been in close contact with us trying to make sure we’re still taken care of. They genuinely care about making sure their clients are happy. We appreciate everything they’ve done and would 100% recommend them to anyone.

    Jamie Brunz Avatar
    Jamie Brunz
    1/11/2019

    Team Nelson really did an amazing job at selling my home and finding me a new one. I highly recommend them if your looking to do anything with your house!!!

    danny beason Avatar
    danny beason
    9/07/2018
  • Tara was awesome to work with. I would highly recommend her to anyone.

    She was always quick to respond and help in any way.

    If you need to buy or sell a home in the Dallas area you should give her a call

    dpearson13 Avatar
    dpearson13
    8/17/2018

    Ebby Halliday Realtors wanted to list my house for $ 390,000 and charge me a 6% commission. I listed my home with Bill Nelson for $ 425,000 and he sold it for 430,000. and charged $ 0 commission. You cannot beat a deal like this !!

    steve scobee Avatar
    steve scobee
    12/11/2018

    Extremely diligent, organized and understood what we were looking for. Buying a home can be a very emotional process and Kevin kept my wife and I grounded and focused on finding the homes of our dreams!

    russell williams08 Avatar
    russell williams08
    1/18/2017
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