5 Bad Habits to Kick if You Want to Buy a Home in 2017

By
Real Estate Agent with Carolina One Real Estate

Real Estate for Sale in Summerville, SC

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

Real Estate for Sale in Summerville, SCNowadays 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 Summervillenew home in Summerville , a historic home in Summerville or selling your Summerville home.  Make 2017 the year you become a homeowner!

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Rainmaker
2,398,260
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Good list, Foster... and add to it "making large purchases, like a car, on credit" just before applying for a loan.

Jan 03, 2017 05:20 AM #1
Rainmaker
2,592,182
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Foster Smith,  Great information for people to know about.  Always amazing what people do.

 

Jan 03, 2017 08:37 AM #2
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Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Foster Smith Summerville Congratulations on hitting the 100,000 point milestone. Wishing you much continued success.

Jan 13, 2017 09:36 PM #3
Rainmaker
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Foster Smith Summerville
Carolina One Real Estate - Summerville, SC
Summerville & Charleston Homes for Sale SC Realtor

Thank you Margaret Rome, Baltimore Maryland !

Jan 16, 2017 08:00 AM #4
Rainmaker
1,389,582
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
your real estate writer

Wise advice Foster. After that there are a few other habits people could kick in order to get those liquid funds built up.

Jan 16, 2017 08:30 AM #5
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Rainmaker
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Foster Smith Summerville

Summerville & Charleston Homes for Sale SC Realtor
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