Planning to buy?
Some things you may want to do when planning to buy a home:
- Check your credit reports. You can get free copies of your report from Equifax, Experian and TransUnion. It’s important to get all three since some may show different items than others. Look carefully for errors, and make a request they be removed. Your credit will affect your interest rate and your ability to get a home loan.
- Check your credit score. Your credit score affects the rates and terms of your loan. Most mortgage lenders use FICO credit scores. Improve your credit score by paying all bills on time and paying down credit cards and revolving debt. Do not open or close any new accounts once you decide to buy a home!
- Reduce your debt. Significantly reduce or eliminate balances on credit cards, store charge cards, payday loans, etc. Not only will high balances make it harder for you to get a home loan, but their presence on your credit report might also be a wake-up call to get your spending under control.
- Switch to automatic bill pay on your bills that offer that option. Late payments drastically drop your credit score, so take advantage of automatic bill pay wherever you can.
- Save for your down payment! Change your spending habits by cutting out luxuries you don’t need. Even saving change in a jar can add up to hundreds of dollars in no time.
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