Nov 1 2017 5018 1

Dated: 11/01/2017

Views: 28

Thinking About Buying? Know Your Credit Score

Thinking About Buying? Know Your Credit Score | MyKCM

Knowing your credit score or getting a recent copy of your credit report is one of the first steps that you can take toward knowing how ready you are to start the home buying process.

Make sure all the information listed on your report is accurate and work to correct any mistakes. The higher your credit score, the more likely you will be to receive a better interest rate for your mortgage, which will translate into more ‘home for your money.'

Many potential buyers believe that they need a 750 FICO® Score or higher to be able to purchase a home. The truth is that according to Ellie Mae’s Origination Report, over 53% of loans were approved with a FICO® score under 750 last month!

Here are some tips for improving your credit score:

  • Make payments, including rent, credit cards, and car loans, on time.

  • Keep your spending to no more than 30% of your limit on credit cards.

  • Pay down high-balance credit cards to lower balances, and consider balance transfers to free up credit.

  • Check for errors on your credit report and work toward fixing them.

  • Shop for mortgage rates within a 30-day period — too many spread-out inquiries can lower your score.

  • Work with a credit counselor or a lender to improve your score.

Once you know your score, your next step will be finding a lender and getting pre-approved for a mortgage. Doing this will ensure that you know your budget before you start looking for your dream home.

Blog author image

Jeri Patrick

In today’s complex and difficult real estate market you need a professionals who will do whatever it takes to market and sell your home. Jeri Patrick has a team with an established history of succes....

Want to Advertise on this Site?

Latest Blog Posts

Jan 23 2018 5018 1

Why You Need a Professional on Your Team When Buying a HomeMany people wonder whether they should hire a real estate professional to assist them in buying their dream homes or if they should first

Read More

Jan 22 2018 38554 2

 How Rising Prices Will Help You Build Family Wealth in 2018Over the next five years, home prices are expected to appreciate on average by 3.35% per year and to grow by 24.34%,

Read More

Jan 22 2018 38554 1

 Time on the Market Drops to New Low in 2017According to recently released data from the National Association of Realtors (NAR), the median amount of time a home spent

Read More

Jan 22 2018 5018 1

Buying A Home Is More Affordable Than Renting In 54% Of US CountiesAccording to ATTOM Data Solutions’ 2018 Rental Affordability Report, “buying a median-priced home is more affordable

Read More