95 percent of Vero Beach homebuyers know that credit scores play a significant role when purchasing a home, and those who know their credit scores feel better prepared to buy. This recent data comes from a survey from Experian Consumer Services. In addition, 45 percent of future Vero Beach homebuyers say they have delayed buying a home in order to work on their credit so that they can qualify for a better interest rate on their mortgage.
No one likes walking into a lender's office, whether buying a home or refinancing their current mortgage, and not knowing the state of their credit. The Experian survey shows when people interact with their credit by tracking it and learning more about the factors affecting it, they feel more confident about their buying power.
Experian's survey results show the effect that knowledge of credit can make in the homebuying or refinancing process.
More Vero Beach Homebuyers Know Their Credit Score
According to the survey, 70 percent of Vero Beach homebuyers who know their credit scores feel significantly more prepared to buy a home versus the 54 percent of those who do not know their credit scores. About 62 percent of Vero Beach homebuyers know that their credit scores could mean the difference in the interest rate they'll qualify for when buying or refinancing their home.
The survey also indicated that future buyers are sometimes uncertain about the homebuying process. They are usually anxious about good interest rates, with 41 percent concerned their credit score will cause them to not qualify for the best rate available. Of the respondents that expressed concern about their credit score hurting their ability to buy a home, 27 percent do not even know their credit score. Of those who don't know their credit score, 48 percent are concerned that their score could hurt their ability to become Vero Beach homebuyers.
Actively working to improve their credit score has become a priority for 58 percent of future Vero Beach homebuyers so they can qualify for a better home loan interest rate. Of those who are making an effort to improve their credit score, 55 percent are paying off debt, 54 percent are paying bills on time, 28 percent are keeping credit card balances low, 20 percent are protecting credit card information from fraud/identity theft, and 16 percent are not applying for or opening new credit card accounts.
Seventy-four percent of recent Vero Beach homebuyers indicated they understood the impact a poor credit score can have on getting a good interest rate, but 61 percent know the potential effects of identity fraud on the financing process. Sixty-two percent of future Vero Beach homebuyers are confident about their credit status, and 60 percent feel financially prepared to buy a home.
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