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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 […]

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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

CHASE Homeowners Association

History of CHASE HOA The CHASE Homeowners Association, located in Fairfax County, Virginia, is part of a broader trend of community associations that emerged in the United States in the mid-20th century as suburbs expanded and developers sought to maintain property...

Chase Hill Civic Association

History Origins and Development: Chase Hill, while not explicitly named in historical records as a standalone entity, is part of Fairfax County, which has a rich history dating back to its establishment in 1742. Named after Thomas Fairfax, 6th Lord Fairfax of Cameron,...

Charter Oak Cluster

History of Charter Oak Cluster Origins and Development: Foundation: Charter Oak Cluster is part of the larger Reston community, which was planned in the 1960s by Robert E. Simon. Reston was envisioned as a "new town" with a focus on quality of life, including walkable...

Charlestown Homeowners Association

History of Charlestown HOA: Founding and Development: Charlestown, located in Springfield, Virginia, was established as a community in 1966. This Williamsburg-style townhouse community was designed to offer residents a blend of historical charm and modern living. It...

Charleston Square Homeowners Association

History of Charleston Square HOA Formation and Development: Charleston Square Townhomes, located in Fairfax, Virginia, is a community established around 2007, with construction completed by 2009. It represents a modern development within Fairfax County, which has a...

Caton Woods Homeowners Association

History of Caton Woods HOA Fairfax County, established in 1742, has a rich history of community development, and Caton Woods fits into this narrative as a relatively newer addition. While specific historical details about the founding of Caton Woods HOA are sparse, it...

Chateauneuf HOA

History of Châteauneuf HOA Châteauneuf HOA's exact founding date isn't explicitly stated on their website, but the community can be contextualized within the broader development trends of Fairfax County. The area was historically part of the vast agricultural lands...

Charing Cross Condominium Association

Historical Background Fairfax County, established in 1742, has long been a hub for historical significance and growth. Charing Cross, while not dating back to the county's inception, reflects the newer wave of suburban expansion that characterized post-World War II...

Chaconas Homeowners Association

History of Chaconas HOA Chaconas HOA, like many homeowner associations in Fairfax County, emerged from the broader trend of community planning that took hold in the post-World War II era. Fairfax County, established in 1742, has seen significant development...

Chapel View Homeowners Association

History of Chapel View HOA Chapel View HOA, located in Fairfax County, Virginia, emerged as part of the post-World War II suburban expansion that characterized much of the Eastern United States. The area's development can be traced back to the mid-20th century when...

RECENT POSTS

Charter Oak Cluster

History of Charter Oak Cluster Origins and Development: Foundation: Charter Oak Cluster is part of...

Chateauneuf HOA

History of Châteauneuf HOA Châteauneuf HOA's exact founding date isn't explicitly stated on their...

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