Buyers Guide: Benefits of Having Higher Credit

So you have your Windsor REALTOR ® and you are ready to enter the Windsor real estate market. Before you start looking for houses for sale in Windsor your agent will want you to get pre-approved for your mortgage so you can pinpoint which Windsor homes are just right for you. One thing your lender will look at is your credit score in determining your rates and how much they are willing to lend you. Lenders consider people with high credit scores to be trustworthy borrowers. This means better interest rates for you and that can mean saving thousands or even tens of thousands of dollars on your mortgage.

It isn’t just when looking for a mortgage or a line of credit where a strong credit card can pay dividends. Here are some other ways a strong credit score can help:

Car Insurance
- A strong credit rating can help lower your insurance rates. Some insurers see a correlation between lower credit scores and more claims filed
Employment
- Some employers may do a credit check as part of a background check, you may be seen as more responsible if you have a higher score.
Services
- Various utilities and even cell phone companies may require a security deposit to sign up for services. A strong credit score may allow them to be waived.
Renting
- Landlords often use credit checks to see payment history and gauge risk of delinquency. A strong credit score may help you secure a place of your choosing.

The average credit score today is around 700, and a “good” credit score is from 700 to 749. A credit score of 750 and above is considered “excellent”. Back to your mortgage, you may get a credit report and the lender can help highlight some areas and tips to increase your credit score. A little short term work can pay off big time in the long run in savings. We’ve got a great infographic for you below to help summarize everything.

Here at Jump Realty, all of our agents can help you find lenders and begin to help you understand your finances as it pertains to real estate. They’ll give you honest advice on what course of action is best for you in their professional opinion and will always put taking care of your best interests first! With offices in Windsor, Tecumseh, Kingsville, and Chatham, no matter where you are a Jump agent is ready to help. Please contact us for any housing needs and let us give you a better real estate experience!