fbpx
If you’re on the sidelines, at least get ready…
If you’re on the sidelines to buy a home, there are things you can do to be ready when you do get back in the game. Improve your credit score to qualify for the best mortgage rate available which are reserved for those with the highest scores. Get a copy of your current credit reports […]
If you’re on the sidelines, at least get ready…
If you’re on the sidelines to buy a home, there are things you can do to be ready when you do get back in the game. Improve your credit score to qualify for the best mortgage rate available which are reserved for those with the highest scores. Get a copy of your current credit reports […]

e744ce3e-7197-4cb3-b6d6-33e41f727c04.jpg

If you’re on the sidelines to buy a home, there are things you can do to be ready when you do get back in the game.

Improve your credit score to qualify for the best mortgage rate available which are reserved for those with the highest scores. Get a copy of your current credit reports from all three of the main credit bureaus: Equifax, TransUnion, and Experian. You can get them at AnnualCreditReport.com without paying for them.

While you won’t see a credit score on these reports, you will see a history of your available credit accounts. According to the Federal Trad Commission, one in five people have at least one error on one of their credit reports which can lower your score or increase the cost or likelihood of receiving new credit. Identify and correct these mistakes.

Explain in writing the error in the report and include copies of documents that support your dispute. Both the credit bureau and the business that supplied the information must correct the information that is in error. There will not be a fee to correct it. You can get specific info for the process on each credit reporting companies’ website and from the FTC Consumer Advice.

There is a term call "credit utilization" which describes how much of your available credit on each revolving account is currently being used. If the limit on one card were $10,000 and you had a $5,000 balance, the utilization ratio is 50%. Amounts above 30% can negatively impact your credit score even if you do pay the balance each month.

Any delinquent items that may appear on your credit report need to be cleared up. Regardless of whether there is a legitimate reason, it needs to be explained to the credit bureau. Beginning in 2023, medical collections less than $500 will no longer be reported on consumer credit reports.

Continue to save for a down payment because mortgages less than 80% of loan-to-value require mortgage insurance which increases the monthly payment. The exception to the rule is for VA loans which do not require it. The cost of mortgage insurance could add 0.5% to 2% or more to the payment.

Lower your debt-to-income ratio by paying off installment loans for cars, boats, and other things.

While there are legitimate credit repair services available, you may be able to get excellent advice from a trusted mortgage professional. You’ll eventually want to be pre-approved before you start looking at homes. Your real estate agent can make a recommendation to connect you with someone who will get you ready to get back into the game.

LIST OF BLOGS

What You Don’t Know About Real Estate Buying (3 )

What You Don't Know About Real Estate Buying Being in the market to buy genuine estate can make you feel a bit susceptible and baffled. Listed below you will discover some of the finest pointers out there! One crucial idea when it concerns realty, is to follow your...

Tips to Avoid Pitfalls in Owning Investment Rental Property

Tips to Avoid Pitfalls in Owning Investment Rental Property Operating and owning financial investment rental home can offer a variety of essential benefits. There are prospective drawbacks to owning rental home; nevertheless, you can assist to lessen possible risks by...

What Is A Rental Property Tax Deduction

What Is A Rental Property Tax Deduction A rental home tax reduction is any expenditure that develops from owning a rental home. Some other home tax reductions that the majority of individuals forget about are charges for an accounting professional, costs for an...

Property buyer’s Loan Guide

Property buyer's Loan Guide If you are a very first time property buyer, there are a couple of points on a loan for property buyers that you must keep in mind. The tips to a loan for property buyers are:1) Work out your cost and the payment that would develop up...

Dealing with a1031 Exchange

Dealing with a1031 Exchange There are numerous methods to benefit off of owning home and being associated with realty. Not just does this originated from discovering the ideal residential or commercial property, individuals and loans to deal with, however likewise...

Purchasing A House After Bankruptcy – Things To Consider

Purchasing A House After Bankruptcy - Things To Consider Insolvency can make getting any sort of funding far more challenging. It's not difficult any longer to get funding, even a couple of days after the discharge of an insolvency. Is getting a loan quickly after an...

Adapting to Life’s New Chapters

All of us encounter major life events and they have the possibility of disrupting our lives temporarily, if not permanently. The homes we live in may have met our needs originally but due to a change in our life, it may no longer be adequate or the best fit for us,...

My spouse and I are rather conservative in our beliefs

My partner and I are rather conservative in our beliefs We were amazed when our child came home from college and revealed that she was going to take the inheritance that she got from her godmother and purchase a home. She stated that she saw a home for sale close to...

Rental Property Investment Offers Numerous Advantages

Rental Property Investment Offers Numerous Advantages More and more individuals are ending up being interested in investing in rental residential or commercial property due to the big number of benefits provided by owning rental residential or commercial property. One...

RECENT POSTS

ABOUT  TWENTY
THREE HOMES

The Twenty Three Homes are one of the premiere real estate groups locally, nationally and internationally, specifically dealing with high-end properties and exclusive clientele. Partner with Keller Williams Twenty Three Homes are full service real estate experts whose clients benefit from the custom tailored, hands on service while receiving all the exclusive amenities and resources of one of the most established and respected firms in the business.

GET IN TOUCH