If you are the parent of a young adult, it's not too soon to start talking to them about building good credit. A home purchase may be the furthest thought from their minds, but building good credit starts when they become adults.
When it's time to apply for a home loan, Loan Officers look at the applicant's FICO score. A good FICO score means a better rate for a loan, among other factors. When your young adult turns 18, have a talk about building a healthy credit history.
Need some tips on building good credit? Consider these:
If you would like more information on how to build credit for your young adult, read How to Build Credit When You are Just Starting Out (The Smart Way).
If you would like information on a home loan or a refinance or have questions about how your credit affects getting a home loan, please connect with me.