How Credit Repair Can Maximize Your Purchasing Power In Oklahoma
If you’re in the market to buy a home in Oklahoma, then you’ve probably noticed the wild climb in home prices and the lack of available inventory for sale. As Oklahoma continues to grow, the housing market is looking like it will continue to climb despite economic forces that would historically slow it down (such as rising interest rates).
Here are some recent statistics that can help explain the growth that Oklahoma is currently seeing:
In 2020, average home prices were up 6.5%
Estimated home price increases are estimated at 7.5% in 2021
These statistics point to a growing problem of low inventory and higher home prices. What does that mean for you as a future home buyer?
You need to maximize your purchasing power.
The average credit score in Oklahoma is 656 based on research by thebalance.com. That means that thousands of Oklahoma consumers have lower purchasing power because of a mediocre credit score.
How can leveraging Premier Credit help you maximize your purchasing power? Let’s explain:
Per themortgagereports.com, the difference between a 680 and a 720 credit score impacts these three aspects of a mortgage loan:
Down Payment Options
Interest Rate Options
Cost of Mortgage Insurance
Ultimately, the less you have to pay for a mortgage, the more you can qualify for when buying a home. Here’s why optimizing your credit score can help you maximize your purchasing power:
More Access To Quality Loan Products And Low Down Payment Options
Lower Interest Rates And More Money To Put Towards A Mortgage Payment
Lower Mortgage Insurance Costs (If Any At All)
If you’re in the market to buy a home and feel there is room for improvement with your credit score, here are a few tips on what you can do:
Focus on getting credit card balances below 30% of the available credit limit.
Avoid applying for any new consumer loans before shopping for a mortgage.
Check a consumer credit report to make sure the information (accounts, balances, etc.) are accurate.
Schedule a Free Evaluation with our team to discuss options to maximize your credit scores.
For more resources on how you can optimize your credit score and maximize your purchasing power, check out our other free resources here.