The 5 Cs of Credit That Every First-Time Homebuyer Should Know
It’s easy to get lost in the weeds when applying for a home loan for the first time. The chances are that you’ll get bogged down with the many technical difficulties, before eventually giving up. This is why it’s recommended that you start with the basics. If you want to qualify as a deserving candidate, you’ll have to convince the lender of your creditworthiness. These 5 Cs will teach you the characteristics that will prepare you for your new financial freedom. 1. Character Your credit score is a measure of your character in this scenario. In order to rank high for these metrics, you need to ensure that your credit reports are in excellent shape. A lender will inspect these reports, which contain information about your credit accounts and transactions. These accounts can be credit cards, auto loans, student loans, etc. Your credit score will reflect your performance in these reports. In order to have a good standing in these accounts, you need to be a pun