• Wappingers Office
    (845) 297 4700
    (845) 297 8178
  • Lagrange Office
    (845) 485 2700
    (845) 485 2703
  • New Paltz Office
    (845) 255 6163
    (845) 255 6757
  • Commercial Real Estate Division
    (845) 297 4700
    (845) 567 8333

Home Mortgage Financing

Lower Credit Score After Home Purchase? Don't Worry!

After spending months (or even years) boosting their credit score in order to qualify for the best possible mortgage, new homeowners are often dismayed to see their score fall after finally purchasing their dream home. Perhaps even more alarmingly, this decline often lags several months behind the purchase, making buyers question what actually caused it to happen. Luckily, a new study by LendingTree shows that this is not only normal, but generally corrects itself in less than one year! Keep reading to learn why scores fall after buying a home, how large you should expect the decline to be, and when you can expect the score to return to normal.

Preparation Is Key for First-Time Home Buyers

We know that buying your first home can be very intimidating and even a bit scary. If you hope to buy a home within the next year, there are things you should be doing right now to prepare yourself for the process. In order to make the best decision for your future, it's extremely important that you are equipped with all the knowledge needed to achieve your goals. Tackling each challenge one at a time may get you there faster than you think!

Your Credit Score Might Have Just Gone Up

If you are thinking of buying a home, then one of the most important pieces of information to know is your credit score. A better score will allow you to qualify for a larger loan, as well as grant you access to better interest rates. The result is that a credit score increase could end up saving you thousands of dollars in interest payments over the course of your mortgage, regardless of if it is a new loan or an old one being refinanced! Thankfully, millions of American consumers have seen significant bumps in their score over the course of the last year as the major credit reporting agencies introduced new regulations in how they calculate credit scores. Keep reading to learn why you might want to double-check your score if you haven't done so in a while!