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Will Getting a Mortgage Help My Credit Score?

November 2, 2023 by Kay Monigold Leave a Comment

Getting a mortgage can potentially help your credit score, as long as you make your payments on time and in full each month. Payment history is one of the most important factors that influence your credit score, so consistently making your mortgage payments on time can have a positive impact on your credit score over time.

It is important to carefully consider the financial implications of taking on a mortgage and to ensure that you can afford the payments before proceeding. It is also important to keep in mind that taking out a mortgage will also result in a hard inquiry on your credit report, which can temporarily lower your credit score.

Credit Diversity

Credit diversity refers to the different types of credit accounts you have on your credit report. Having a diverse credit history can have a positive impact on your credit score, as it shows lenders that you are capable of managing multiple types of credit responsibly.

When you apply for a mortgage, the lender will likely review your credit report to assess your creditworthiness. Having a diverse credit history, including a mix of credit cards, installment loans, and other types of credit accounts, can demonstrate that you are a responsible borrower and increase your chances of being approved for a mortgage.

Mortgages Get Reported

Mortgages are typically reported to credit bureaus and will appear on your credit report. This means that your mortgage payment history, including any late or missed payments, will be recorded on your credit report, and can impact your credit score.

Consistently making on-time mortgage payments can have a positive impact on your credit score, as it demonstrates that you are a responsible borrower. However, missing payments or defaulting on your mortgage can have a negative impact on your credit score and may make it more difficult to obtain credit in the future.

It’s important to regularly review your credit report to ensure that all information, including your mortgage, is being reported accurately. If you notice any errors or discrepancies, you should contact the credit bureau and the mortgage lender to have the issue resolved.

In summary, having a diverse credit history can be beneficial when applying for a mortgage, but it’s important to focus on maintaining a good overall credit profile, including making all payments on time and keeping your credit utilization.

Filed Under: Credit, Homeowner Tips Tagged With: Credit Score, Home Mortgage Tips, Mortgage Applications

Solar Roof Panels: A Mainstream Option For Homeowners?

April 25, 2018 by Kay Monigold

Solar Roof Panels A Mainstream Option For HomeownersDo rooftop solar panels add value to a home, and are they cost-effective in terms of energy savings? The short answer is yes, say the experts. Although more than a million U.S. homes boasted solar panels in 2016, the percentage of solar-equipped households is still miniscule. 

That may change, however, as domestic prices for solar installations continue to decrease and property values rise.

The Pros And Cons Of Solar

While there is global agreement on the need to encourage cost-effective, non-polluting renewable energy sources, it is also acknowledged that solar effectiveness is not equal in all locations or situations. 

Several Southwestern states boast abundant sunshine, a high percentage of roofs that face in the proper direction for solar capture, and high consumption of electricity, including the the need for air conditioning. Experts predict that California could supply 74 percent of its total electrical needs if its roofs were clothed in solar panels.

On the other hand, Nevada, with a much smaller population and a different climate, only has the ability to supply 14 percent of its total need. The truth is that solar is not equally beneficial in all locations.

Solar Costs On Par With Grid Electricity

Even so, according to information provided by the Union of Concerned Scientists, more than half of U.S. states have reached or are close to the point where rooftop solar costs are on par with grid costs for electricity. In areas where utility companies offer net metering, solar producers can return excess energy for credit, which results, in the best of cases, in a monthly electricity bill that is extremely low, perhaps even zero.

Before committing to rooftop solar panels, homeowners should ask some pertinent questions. An investment in solar is still pricey, even though installation costs have dropped by about 50 percent over the past decade. With government incentives of various kinds, the total cost may dip to $10,000 or below for an average size home.

On average, the payback on that initial investment will be long-term, even though monthly savings on electrical bills can be immediate. Panel leasing is a popular option, with no initial down payment required, although the lease term may extend for 10 or even 20 years. Another option in some areas is to invest in a solar farm or cooperative.

Important Questions For Homeowners

Pertinent questions include personal motivation: Are solar panels simply a way to save money or do they demonstrate eco-consciousness and a concern for quality of life? Owners should also consider how long they plan to own a specific home before investing in rooftop panels.

Current data suggests that buyers will pay a premium for solar-equipped homes. A study by Energy Sage confirms that buyers in some states are more “pro-solar” than other U.S. residents, but notes that the national value boost is around $15,000 for an average solar home, and higher in select locales. That equates to between $3 and $4 per kilowatt of solar power generated.  

Even though the added value is not uniform throughout the country, it is obvious that rooftop solar panels are emerging as mainstream home amenities. Talk with your trusted mortgage professional about the impact of solar improvements to your home.

 

 

Filed Under: Homeowner Tips Tagged With: Electricity, Real Estate, Solar

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Kay MonigoldKay Monigold
Owner/Mortgage Broker/Residential Mortgage Loan Originator
NMLS#1086176

Steven LoweSteven P Lowe, Sr
Residential Mortgage Loan Originator
NMLS #1085638

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