Credit scores are used by most lenders for mortgages, car loans, credit  cards, furniture financing and more, to determine the level of risk they are taking when they loan you money.  Credit scores can affect how much and what loan terms a lender will offer. Often the higher the risk, based on a low credit score, can mean a higher interest rate to the borrower while the higher scores are offered the lowest rates.

Credit Scores are calculated based on the following percentages

30% on the amounts you owe

35%  is based on payment history

15%  on the length of credit history

10%   on the types of credit

10%   on the amount of new credit

Unless you are paying cash, you should get preapproved prior to looking at properties.  Sellers might be more likely to negotiate and accept offers accompanied by a PreApproval Letter.

If you want to buy or sell real estate in Fayetteville, Peachtree City, Tyrone, Brooks, Newnan, Sharpsburg, McDonough, Stockbridge, Locust Grove, Hampton, Jonesboro, Lake Spivey or any place in South Metro Atlanta, call me.  leslie edwards direct 770.460.9448  RE/MAX advantage