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.
Is a 20% Down Payment Really Necessary To Purchase a Home?
If you’re a prospective homebuyer, it’s important to know you don’t have to put the full 20% down
Is It Time To Move on to a New Home?
As the past year has shown, our needs can change rapidly. That means the longer you’ve been in your home, the more likely it is your needs have evolved.
Is the Number of Homes for Sale Finally Growing?
Signs of relief are finally appearing for frustrated buyers. If you’re thinking of selling, now may be a good time to do so!
5 Tips for Making Your Best Offer
In today’s sellers’ market, standing out as a buyer is critical. Multi-offer scenarios and bidding wars are the norm due to the low supply of houses for sale and high buyer demand.
Why It’s Still Safe To Sell Your Home
Real estate professionals use new technology, tools, cleaning procedures, and the latest guidance to meet your changing needs and to keep you safe.
Understand Your Options To Avoid Foreclosure
There are alternatives available to help you avoid having to go through the foreclosure process and a real estate professional can help you.
Home Price Appreciation Is Skyrocketing in 2021. What About 2022?
Price appreciation is expected to slow in 2022 when compared to the record highs of 2021.
Reasons You Should Consider Selling This Fall
If you’re trying to decide when to sell your house, there may not be a better time to list than right now.
5 Reasons Today’s Housing Market Is Anything but Normal
The market is still extremely vibrant as demand is still strong even while housing supply is slowly returning.
What You Can Do Right Now To Prepare for Homeownership
It’s important to talk to someone who understands the market and what it takes to become a first-time homebuyer.