First-Time Buyer Credit Tips

First-Time Buyer Credit Tips
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:
 
  • Payment history - Creditors will look at your record, including payment history on utility bills and payments on loans or credit cards, to understand how you have handled your financial obligations over the years.
  • The amount owed – This is the amount of outstanding credit card or loan debt.
  • Length of credit history – A reflection of the length and age of each credit line on your credit report.
  • New credit – Creditors will make notes if you have opened new credit cards or taken out any loans recently.
  • Types of credit used – This refers to your ability to manage a mix of credit, such as credit cards, auto loans, or student loans.
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.

To See My Full Real Estate Buyers Guide!

Click Here


Recent Blog Posts

Stay up to date on the latest real estate trends.

Now’s the Time To Upgrade to Your Dream Home
Builders Are Building Smaller Homes

There’s no arguing it, affordability is still tight.

Should I Move with Today’s Mortgage Rates?

When mortgage rates spiked up, some homeowners put their plans to move on pause.

The Top 5 Reasons You Need a Real Estate Agent when Buying a Home

Expert advice from a trusted real estate agent is priceless, now more than ever.

Don’t Let Your Student Loans Delay Your Homeownership Plans

Here’s a look at the latest information so you have the answers you need.

Boomers Moving Will Be More Like a Gentle Tide Than a Tsunami

For starters, plenty of baby boomers don’t plan on moving at all.

Why Overpricing Your House Can Cost You

You may be looking at this spring season as the sweet spot – and you’re not wrong.

2023 Year-End Home Price Forecasts

It's important to note that the real estate market can be unpredictable and subject to unforeseen events.

The best casual dinner party menu ideas

Whether you’re hosting or attending, it never hurts to have extra casual dinner party menu ideas.

View All

Work With Keisha

Keisha Tompkins is the Real Estate Agent 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.

Let's Connect

Follow Keisha on Instagram
Get in Touch
Contact Details

Keisha Tompkins

M: (770) 843-8184
O: (678) 808-1300
[email protected]


2092 Scenic Hwy N
Snellville GA 30078

Atlanta Real Estate