If you are thinking about purchasing a home a good credit score is a must. Depending on how you think your credit is and where you are in the buying process determines your next steps. If you are buying in the near future, your loan officer will be able to check your credit for you and will determine if you need to do anything to improve your score or not. If you are not buying right away or are unsure as to how your credit looks you may want to get a free copy of your credit report and also work on improving your credit score before going to a mortgage banker.
AnnualCreditReport.com is the site to go to once a year to check your credit report and it is free of charge. It is a good idea to check it yearly just to make sure the information is current and correct, even credit bureaus make mistakes.
If you are just looking to increase your credit score there are a few simple things you can do to bring it up.
This may seem like basic information, but it is always surprising how many people have poor credit scores and don’t know why. Follow these tips to get your score up to par.
If you have been thinking about buying a home but have been putting it off, you really should get ready and buy sooner rather than later. Many buyers have just been waiting as prices continued to sink as well as interest rates but things are all starting to change and if you don’t get out and buy soon, you may end up paying a lot more for many reasons! I have made a list of 5 of the biggest reasons to get out and buy now.
Now is the time to get into that new home while the prices and mortgages are still low!
1. Find a good lender. Your realtor may have some recommendations for you but if you don’t yet have a realtor, it is best to find a local. Local lenders know the market in the area you want to buy in and they will know about any special programs that may be offered.
2. Know where you want to live. Narrow down the parts of town that you would like to live in. You may use criteria such as schools, taxes, drive to work, etc. By narrowing this down it makes setting up a buyer search much easier.
3. Find a Realtor. If you are buying the seller pays the cost of your buyer agent which is another reason you may as well have a Realtor. Find a Realtor that is knowledgeable in your area and that has experience. You need someone you can trust to help you find your new home.
4. Don’t rule out less than perfect homes. Just because a home needs paint or new carpeting, don’t rule it out. If the price is right you will still get a great deal and you can fix it up as you would like.
5. Be ready. Once you are out there looking, if you find a home you just love, you need to be ready to make an offer. Right now with a very low housing inventory, nice homes and good deals are going fast so the sooner you make an offer the better your chances are of getting the home.
If you are ready to start the home buying process, contact me, I can help – I have been successfully selling real estate in the 13 county metro area and Western Wisconsin for over 14 years.