If you are thinking of purchasing a home for the first time, bear in mind that your credit will be one of the key factors in determining whether or not you are approved for a mortgage as well as the mortgage interest rate you qualify for. Your credit score is calculated using five major factors:
Before you begin the homebuying process, request a free copy of your credit report and check for errors, which can have a negative effect on your score. If you see any errors, be sure to dispute them. Additionally, paying off outstanding debts prior to submitting your application may have a positive impact on your credit score.
Once you have applied for a mortgage, avoid opening new credit accounts such as credit cards or auto loans until your home has closed. You will also want to keep the balance low on any current credit cards.
I would love to sit down and go over the rest of the homebuying process. Contact me, Keisha Tompkins, today, and let’s schedule an appointment.
Stay up to date on the latest real estate trends.
Buyers: You May Face Less Competition as Bidding Wars Ease
In a recent article, they point out that a luxury home isn’t only defined by its price.
Both mortgage rates and home prices have risen this year, it costs more to buy a home.
If you’re considering homeownership, know that it can give you privacy.
You have likely been shopping around online, and now you are feeling ready to start seeing homes.
You should be obtaining a pre-approval letter from your mortgage planner.
Your credit will be one of the key factors in determining whether or not you are approved.
It’s in your best interest to not be in a hurry and make a list in advance of any questions or concerns.
Keisha Tompkins is the Realtor® who has the ability to strategically create the right marketing solutions to get your home sold. Keisha Tompkins has a strong knowledge of the current market trends and networks with thousands of area real estate professionals.