What’s Your Credit Score?
Many of us don’t think about our credit scores until we go to buy a new car or a new home. Is that the best time to find our score? Of course not so here are a few things to think about.
Imagine starting out on a trip to a new destination in a different state without a map or NAV system. “It’s not far, if you know the way.” What this expression implies is that you could have a long way to go if you don’t know where you’re going or how to get there. Just like reading a map, there are some definite steps that will improve your success in buying a home. We at Team Paradise know the steps to help you along the way.
Know your credit score – The best mortgage rates are available to borrowers with the highest scores. Unless you know what your credit score at all three major credit bureaus, you don’t really know what rate you’ll have to pay.
Clean up your credit – It is estimated that about 90% of credit reports have errors. Some are not serious but others could affect a borrower from getting the loan they want. It is your responsibility to know what is on your different reports and correct them if possible.
You’re entitled to a free copy of your credit report each year from Experian, Trans Union and Equifax.
Get pre-approved – Taking the time to make a loan application with a qualified lender even before you start looking at homes will provide peace of mind. Doing so will ensure that you are looking at the “right” homes and may help you negotiate the best price on the home you select.
Do your homework – We help you find the home that meets your needs and desires. Once under contract, we recommend getting the home inspected. We also know you should research the tax assessments, school ratings, crime activity, possible zoning changes and comparable sales in the area. And don’t worry about where to start, we give you all the tools you need to get all the inspections, reports and tax data needed.
We’ll also recommend a trusted mortgage professional and an inspector.