Tim Sprague of Union Home Mortgage answers questions students had about credit information they looked up on their smartphones.
Dean Brown | The Lima News
LIMA — The West Central Association of Realtors held a seminar for high school seniors. Seventeen schools brought 275 students to learn about credit score basics, budgeting, bank accounts and why you may need a credit card.
Jodi Cartagena, the committee head for the seminar said, “It is fair housing month so the perfect opportunity to teach the kids the home buying process. A big part of this today will be credit. So they’re going to learn the do’s and don’ts of credit and we’ll take them through the whole process.”
Braylen Kennedy told what he learned. “Just building a good credit score is really important if you want to buy, especially a house because a house is a lot of money and if you don’t have a good credit score, you’re not able to afford anything for the house.”
Students were able to ask questions. One question was, “Is putting 15% down on a house too much?”
Tim Sprague from Union Home Mortgage explained, “Back in the day, it used to be 20% down. Now they have programs, you buy a house with no money down. No money out of your pocket. There is also what they call RD, role development. You can have zero down if your credit score is 640 or higher.”
Students learned that good credit is incredibly important for a number of reasons. Having good credit is important when looking for loans to buy a car or purchase a house. Having good credit will increase your chances of being approved for a loan or credit card with favorable terms. When you have good credit, you’re more likely to be offered lower interest rates on loans and credit cards. This means that you’ll pay less money in interest over the life of a loan or credit card balance, which can save you thousands of dollars over time.
Some employers may check your credit history as part of their hiring process, particularly if you will be working with finances or handling money. A good credit history can help you stand out as a responsible and reliable candidate. Having good credit can help you qualify for rental properties with more favorable terms and conditions.
Students spent the morning learning that good credit is an important part of financial health and can provide a number of benefits in many areas of life.
Reach Dean Brown at 567-242-0409
