First Time Home Buyer
First Time Home Buyer – What to do about my credit?
Unlike most things in life, buying a home is one of the trickier maneuvers not everyone can manage. There are many factors which must be working in sync for the spectacular dream of home ownership to become a reality.
Making the decision is the big part. Once you’re determined and want to finance a home (stop paying someone else’s mortgage) you are on your way. Keeping a decent job and money for closing costs is important, but perhaps at the top of my list is the ability and knowledge to give you the best deal available.
Everybody knows that only the very highest credit scores get the best rates from lenders. We also know that your credit score is a direct reflection of your payment detail on your report and a variety of other related factors, all to do with whether you’ve paid your bills on time and whether you have used or over abused the credit you have.
Altering your credit score and who’s on it is easier than you think! Far too many Americans accept what the’yre given when they are old what a purchase will cost.
This hands-off acceptance may not damage us when we are making little purchases, but at the bank, for the most important purchase of your life, it is unacceptable!
Think for a second about how long you will be paying for your home, most terms are 30 years. With 12 payments each year, if you pay an extra $100, that is $36,200 over the life of your loan. This is no little amount, and yet some people unwittingly pay it because of errors, not even late payments, on their reports.
If you are considering a buying a home, great! It is time to retrieve your credit score and take action to secure the lowest rates possible.
Know that a good credit lawyer can clean up horrible credit reports in about a year. For the do-it-yourselfer, you can do these type also, however you go about it, even if it takes a year, take the time to reduce what you will pay for the next thirty years. You will surely enjoy a more affordable home this way.
