Credit Scores and Home Buying



Hey everybody, Shane here from Century 21. And it is Monday morning, 8:15 on the nose. I got Danny here from--

- -Danielle. I'm used to calling you Danny.

- You can call me Danny.

- Danielle from Dakota Land Credit Union here this morning. So, as always, I'll have information about her up top, on the bottom, on the sides, wherever it is showed on your device. Is that even a word, showed?

- -on your device here. So, feel free to reach out to her. If you have questions, guys, as always be sure to email me, email Danielle, or anybody here in this group, and we'd be happy to answer that question on our next episode. So, with that being said, Danny I'll let you take over.

- Good morning, happy Monday. One of the questions that we probably get, maybe frequently, or have recently received, is about your credit score. Always be paying attention to your credit score. I just had somebody that applied, not too long ago, that had no credit score. So, just touching base on that, your credit score can impact your interest rate. If you have no credit score, you know, there's things that you can do, obviously, to start building that. The fastest and, probably, easiest is getting a credit card. I know it's always good when you don't have any debt and you don't have that showing up. That's good that you've paid everything off. But then, when you turn around and want to get a loan on something, you do need to show that you've paid those payments, made payments, over a history, over a period of time so that the credit bureau can rate you and give you that credit score. So, that can impact your interest rate depending on what kind of loan you are applying for and it's good to just be watching that and monitoring that. There's good tools out there. We always say Credit Karma is a good tool to use, that's not going to show you your actual, true credit score. We do a tri bureau poll so we always take the average score. So, if you have questions, always give us a call. You can come in and Emmy or myself can work through that with you and always check your credit score and show you ways on how to build that 'cause in the end it can effect your interest rate.

- Good information, yeah. So keep an eye on that credit score guys. It can effect that interest rate and what you might be able to apply for home-wise too. So, obviously, lower credit. The lower the credit score the more house that you can--

- -excuse me, the lower the credit score the lower the interest rate, the higher the house that you could probably afford then too. But yeah, come in and talk to the girls here. They'd be happy to inform you, give you the details, about all that information. Real quick too, you had this coupon here. I'll throw that up there. That is closing cost credit, right?

- Closing cost credit. Yes. So, we're giving a $1500 closing cost credit on any new purchase going secondary market. And, if you are doing a refinance secondary market it's a $750 closing cost credit.

- Perfect.

- So, take advantage of that before that will expire. There is no expiration date right now so just come in apply and we can add that to your file.

- Perfect. There you go guys. Thanks again for watching. That's Monday morning mortgage tip for today, this cold chilly morning. Stay warm, we'll talk to you next Monday. Thank you.

- Bye bye.

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