By the time summer comes you could be happily ensconced in your new home. Think outdoor living and a relaxed intro to a new neighborhood.
But before the dream turns into a full-fledged home search, there
are several things to consider. One of the most important is your credit score
and what that score may mean as far as your mortgage options.
To advance to the search phase, you’ll need to know what your
credit score looks like now and where it ultimately needs to be for you to be
in a position to purchase a home. So now is an ideal time to contact your
mortgage professional to review your credit.
Indeed, you can pull your own credit, but what you need is a way
to interpret what’s on the report and how it will impact you throughout the
lending process. Many things that you may see as minor on your report may
actually make a significant difference in accessing the programs and interest
rates you want.
For example, if you carry a lot of credit card debt or if one card
has a higher balance than most lenders feel is appropriate, that’s a negative.
But if your mortgage advisor draws this to your attention, you’ll have time to
pay off or reduce your balance before you start to search.
And the sooner you start, the sooner you can be in your dream
home.
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