The new year is underway and today is the first day back for many to work after the holiday. As the new year rolls in, many of us are excited about the promise of new beginnings and new goals. If one of your goals for 2017 is to buy a home in Summerville, here are five bad habits you need to kick!
1. Unwise Use of Credit Cards
While credit cards do not have anything inherently "wrong" with them, if you are using them unwisely they are royally hurting your credit score. Consistently using more than 30% of your available credit is shown to hurt your score. This translates into a difficult time obtaining a mortgage. This will make purchasing real estate for sale in Summerville,SC very difficult.
2.Excessive Amount of Credit Cards
Nowadays it seems like every store out there has a card for you to open that will save you "10% or more" and help you accumulate very enticing "points." However, you need to realize that when banks see an excessive amount of credit card accounts, even if you are not using them, they don't like it. So even if you are never going to use them, resist the urge to open a card just for the freebie. Remember, a new home in Summerville is a lot better than 10% off your purchase at Home Goods.
3.Tardiness on Your Payments
Credit Cards are becoming a theme! This habit relates to them as well. Don't miss your payments or be habitually late with them. This all points to an unreliable mortgage holder in the banks eyes. This translates into higher PMI (Private Mortgage Insurance) or worse, a denied mortgage on your home in Summerville.
4.No Liquid Money
When you become a homeowner, you will need to have a reserve of cash in your bank account. Many renters live paycheck to paycheck and don't accumulate savings because their landlords take care of any necessary repairs and big problems. Once you buy a home in Summerville, YOU are it when it comes to money for repairs or a disaster. Make sure you are getting in the good habit of saving your money for "a rainy day."
5.Changing Your Job
If 2017 is your year to buy real estate in Summerville, it is not your year to change your job! Job consistency is HUGE when it comes to getting a mortgage. You need to show continuity, stability and consistent income. In other words, "Keep your day job!"
Please feel free to contact me if you are interested in buying a home in Summerville, new home in Summerville , a historic home in Summerville or selling your Summerville home. Make 2017 the year you become a homeowner!