Have you been on-line looking at homes and saying to yourself, it's time to buy but I don't know where to start?
This segment is about your CREDIT.1. Â Your credit is the first place to begin. Â If you have not reviewed your credit report, get yourself a free copy by going toÂ https://www.annualcreditreport.com/cra/index.jspÂ . When you finished with this step, it will provide you with information a lender will look at when evaluating your credit history. It will not provide you a credit score unless you pay for it. Â I personally would not pay for it as your lender is the person who needs that.
2. Â If you have any errors on your report, clean them up. Â Contact the creditors or file a dispute on-line using the tools on that website. Â What you want to do is to have an error free report so a lender can get a good feel for how you pay your debt.
3. Â Don't open or close any credit accounts. Â Don't apply for any new loans or lines of credit including that department store that is offering 20% off if you open a new credit account. Â
4. Â Talk to your Mortgage person. Â If you don't have a mortgage person then check with your bank, credit union, friends or ask your Realtor for a referral if you don't know someone in the mortgage industry.
4. Â Your mortgage representative will provide guidance on how much house you can afford. Â Once you have that, start looking. Â Your Realtor will need a Pre-Qualification letter from your prospective lender when an offer is being submitted. Â The Pre-Qualificaiton letter should be tailored to your offer. Â I personally don't submit an offer with a letter that is more than the offer price. Â Why show all your cards? Â A seller's agent may figure if you are approved for more than the offer, let's negotiate!
Well, that's all for now. Â I hope you have found this info helpful. Â Please send me your comments if you have questions.
Warm and sunny regards,
Century 21 Lighthouse Realty
Jacksonville, FL 32217