Understanding Your Credit Profile
Dave and Reb talk home-buying, mortgages and credit profiles on today’s show. In an effort to clarify the purpose and importance of a good credit profile when you buy a home, or make a real estate investment, they unpack the importance of paying your bills on time.
“The answer to your worries about your credit profile comes down to this: pay your bills on time and every time, and you will be fine,” Dave explains.
And when people wonder if they can ‘skip’ a mortgage payment, David says that ‘skipping’ a mortgage payment will affect your credit profile.
“If you know you can’t meet your mortgage payment, call your mortgage company and tell them you will have trouble meeting the payment by your regular date,” Dave says. “They will often move the mortgage withdrawal to later in the month, and this will not affect your credit profile. However, you need to do this a week ahead of time, not at the last minute.”
To become more financially aware and get a better understanding of how your credit profile affects your ability to get a mortgage, tune in and listen to their show.