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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

  • Worked extremely fast and helpful! Always kept in contact and upto date on info! Kelly always let us know what was being said between her and the other realtor and helped us out in all our questions! Absolutely loved her!

    user0418467 Avatar
    user0418467
    11/25/2015

    Awesome team to work with.

    Rob Martin Avatar
    Rob Martin
    11/20/2019

    The entire experience with the Nelson Team was seamless! They got us top dollar for our home while saving us money! What is not to love? We were incredibly impressed and we WILL be working with them in the future!

    ericaeamiguel1234 Avatar
    ericaeamiguel1234
    12/11/2018
  • Bill, Casey and especially Kelly were awesome during the entire process. I admit that i was a very nervous seller, but the whole process went very smoothly. I met the buyer after the closing and he was the perfect buyer for the property. I would recommend Team Nelson, as they have the process down pat. Thank you for a great experience.

    Steven Tabor Avatar
    Steven Tabor
    3/11/2019

    My realtor, Emma... you might as well change her name to Emmazing! She went above and beyond to help me fully understand the home-buying process. When it's time for me to take the next step in home ownership I don't know that I would want to work with anyone else. She was honest about the homes we looked at, and wasn't just there to sell me a home, she had my best interest in mind. I felt like I walked away from the experience with a new friend!

    masonboeh Avatar
    masonboeh
    6/22/2020

    I recently had the pleasure of working with Team Nelson when looking for my home. From day 1, they was extremely responsive and had great suggestions for homes to view based on what I was looking for. All throughout the negotiations and closing they were there quickly handling any issues that may have risen. They went well above and beyond for me. If the time ever comes when I will be looking for a new home, there isn't any question on who my Realtor will be! Thank you Team Nelson.

    doug iarussi Avatar
    doug iarussi
    3/31/2020
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