So you have decided it's time to buy your first home!!! Congratulations!!!
There’s a lot to learn when you make the decision to buy a home and you probably are wondering where to start. Well, we want to help. First time home buyers make mistakes all the time and we thought it might be helpful for you to know how to avoid some of these pitfalls.
This bog is going to be broken up, so that you can stop and think about each of these problems and figure out a game plan for yourself on what your next step is to be. I will tell you that calling us to start the process will help you avoid all of these!!! Shameful plug, yes...
So the next mistake made by many home buyers is...
2. Not maximizing your credit score.
Did you know that your credit score is directly tied to your interest rate and how good of a deal you get on your home loan. You will want to make sure the your credit score is as high as possible. You also will want to speak to your loan officer about just how to improve your credit score.
Here are a few ways you can improve yours before even applying for a mortgage:
Not missing any payments
Not applying for any additional types of credit
Not closing any accounts
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Contacting collection agencies if you have collection accounts
Your loan officer should be able to help you with what items on your credit report will have the most impact on your credit score. Your credit score will actually affect the interest rate you get on your loan. The better your credit score, the better your interest rate will be. Again, if you need a referral for a great lender, we have lenders we have worked with for years and know we can trust. They are here to help you also!
This blog post is a continuation in a series of blog posts about avoiding the 10 biggest mistakes by home buyers. To continue reading, the links are below -
Mistake #1 - Not getting preapproved
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