Thinking About Buying a Home?

Thinking About Buying a Home?  

Is your credit holding you back from buying a home?  Spring is right around the corner and is an amazing time for a fresh start.  The world is coming alive, trees are starting to bloom, the crocuses are popping up in the garden and you are thinking how great it would be to have that happening in your own place.  

If you are thinking about buying a home, your credit score is one of the most important numbers to watch.  A good credit score only gives you a better chance of getting approved for the home you want and having a mortgage with an interest rate you can live with.

Here are a few things that can help you achieve that goal of homeownership:

Meet with a Realtor and discuss your wants and needs and where you are financially.  Your Realtor will be able to refer you to a trusted partner that will be a good fit to help you achieve that goal.  You may need to repair some credit bumps on your credit report.  A lender is a trusted member of your team and has your best interests at heart and will guide you with what you need to do to repair any credit issues you may have.  

Don't be late!!!  This is one of the easiest things you can do to help your credit score.  Make all of your payments on time and avoid any late payments on your bills.  You will also want to get your debt down below 30% of your available credit to maximize your score.  

Don't add to your credit.  Once you commit to buying a home, do not go out and buy furniture or a new car adding to your amount of debt.  Adding to your debt will only reduce the amount you can purchase and may have a negative effect on your credit score.  

There are many tools out there that can help you track and help you boost your credit scores such as Credit Karma and Credit Sesame.  Keep in mind though, that the credit score you see on Credit Karma may not be your actual credit score, follow your lender's lead on that. 

Buying a home is a team sport, you wouldn't play sports without a coach, don't buy a home without your coaches.  Your Realtor, Loan Officer and Title Company are all coaches to help you get the home of your dreams.