Thinking About Buying? Know Your Credit Score
Knowing your credit score or getting a recent copy of your credit report is one of the first steps that you can take toward knowing how ready you are to start the home buying process.
Make sure all the information listed on your report is accurate and work to correct any mistakes. The higher your credit score, the more likely you will be to receive a better interest rate for your mortgage, which will translate into more ‘home for your money.’
Many potential buyers believe that they need a 750 FICO® Score or higher to be able to purchase a home. The truth is that according to Ellie Mae’s Origination Report, over 53% of loans were approved with a FICO® score under 750 last month!
Here are some tips for improving your credit score:
-
Make payments, including rent, credit cards, and car loans, on time.
-
Keep your spending to no more than 30% of your limit on credit cards.
-
Pay down high-balance credit cards to lower balances, and consider balance transfers to free up credit.
-
Check for errors on your credit report and work toward fixing them.
-
Shop for mortgage rates within a 30-day period – too many spread-out inquiries can lower your score.
-
Work with a credit counselor or a lender to improve your score.
Once you know your score, your next step will be finding a lender and getting pre-approved for a mortgage. Doing this will ensure that you know your budget before you start looking for your dream home.
To view original article, please visit Keeping Current Matters.
Will Home Prices Fall This Year? Here’s What Experts Say.
Experts say the housing market isn’t set up for a price decline due to that ongoing imbalance between supply and demand.
How Today’s Mortgage Rates Impact Your Home Purchase
If you’re planning to buy a home, it’s critical to understand the relationship between mortgage rates and your purchasing power.
Three Tips for First-Time Homebuyers
No matter where you’re at in your homeownership journey, the best way to make sure you’re set up for success is to work with a real estate professional.
Things That Could Help You Win a Bidding War on a Home
Bidding wars are common today with so many buyers looking to make a purchase before mortgage rates rise further.
Today’s Home Price Appreciation Is Great News for Existing Homeowners
Because it will take some time for housing supply to increase, experts believe prices will continue rising.
What You Need To Know About Selling in a Sellers’ Market
Listing your house this season means you’ll be in front of serious buyers who are ready to buy.
How Homeownership Can Help Shield You from Inflation
Buying a home allows you to stabilize what’s typically your biggest monthly expense: your housing cost.
On the Fence of Whether or Not To Move This Spring? Consider This.
When buyers have to compete with one another like this, they’ll do everything they can to make their offer stand out.
Is It Time to Buy a Smaller Home?
There are many reasons to buy a smaller home—or to downsize from your present home—but sometimes, the idea that “less is more” is what propels homeowners to buy a smaller home.
Why a Real Estate Professional is Key When Selling Your House
Real Estate professionals have the skills, experience and expertise to navigate the highly detailed and involved process of selling a home.