First Time Buying a Home - What to do about your credit?
Unlike most things in life, purchasing a home is one of the harder maneuvers not everyone can manage. There are many factors which must be working in conjunction for the fantastic dream of home ownership to become a reality.
Making the decision is the big part. Once you're determined and willing to own a home (and stop paying someone else's mortgage) you are well on your way. Having a good job and money for closing costs is important, but perhaps at the top of my list is the ability and knowledge to give you the very best deal possible.
Everybody knows that only the very highest credit scores get the best rates from lenders. We also know that your credit score is a direct reflection of your payment detail on your report and a variety of other related factors, all to do with whether you've paid your bills on time and whether you have used or over abused the credit you have.
Altering your credit score and who's on it is easier than you think! Far too many Americans accept what the'yre given when they are old what a purchase will cost.
This hands-off acceptance may not damage us when we are making little purchases, but at the bank, for the most important purchase of your life, it is unacceptable!
Think for a moment about how long you will be paying for a home, most terms are 30 years. With 12 payments every year, if you overpay by $100, that is $36,200 over the life of your loan. This is no small amount, and yet some people unwittingly pay it because of errors, not even late payments, on their reports.
If you have decided to make a home purchase, wonderful! Now is the time to retrieve your credit reports and take action to obtain the lowest possible rates.
Know that a good credit lawyer can clean up horrible credit reports in about a year. For the do-it-yourselfer, you can do these type also, however you go about it, even if it takes a year, take the time to reduce what you will pay for the next thirty years. You will surely enjoy a more affordable home this way.
Unlike most things in life, purchasing a home is one of the harder maneuvers not everyone can manage. There are many factors which must be working in conjunction for the fantastic dream of home ownership to become a reality.
Making the decision is the big part. Once you're determined and willing to own a home (and stop paying someone else's mortgage) you are well on your way. Having a good job and money for closing costs is important, but perhaps at the top of my list is the ability and knowledge to give you the very best deal possible.
Everybody knows that only the very highest credit scores get the best rates from lenders. We also know that your credit score is a direct reflection of your payment detail on your report and a variety of other related factors, all to do with whether you've paid your bills on time and whether you have used or over abused the credit you have.
Altering your credit score and who's on it is easier than you think! Far too many Americans accept what the'yre given when they are old what a purchase will cost.
This hands-off acceptance may not damage us when we are making little purchases, but at the bank, for the most important purchase of your life, it is unacceptable!
Think for a moment about how long you will be paying for a home, most terms are 30 years. With 12 payments every year, if you overpay by $100, that is $36,200 over the life of your loan. This is no small amount, and yet some people unwittingly pay it because of errors, not even late payments, on their reports.
If you have decided to make a home purchase, wonderful! Now is the time to retrieve your credit reports and take action to obtain the lowest possible rates.
Know that a good credit lawyer can clean up horrible credit reports in about a year. For the do-it-yourselfer, you can do these type also, however you go about it, even if it takes a year, take the time to reduce what you will pay for the next thirty years. You will surely enjoy a more affordable home this way.
About the Author:
For a free credit consultation call 1-866-246-7311. To learn how to remove a charge off or to learn how to remove bad credit from debt collectors such as LVNV Funding.
No comments:
Post a Comment