Prepare For Home Buying In Far In Advance For Lower Payments

Published On: March 29, 2019|Categories: Blog, Buyers, Mortgages, Moving, Things to Do, Tips, Life Hacks & How-to|Tags: check my credit score for free, Equifax, Experian, free credit report, Get a free credit report, repair credit, TransUnion|

It is advantageous to any homebuyer to plan in advance. Taking the time to prepare for the purchase of a home is especially important because it gives homebuyers the chance to check out and repair any issues in their credit score. Before even looking at home options, all homebuyers should know their credit score rating. Just because many lenders will lend to people with poor or average credit doesn’t mean a homebuyer wouldn’t benefit from raising their credit score. See, when lenders take a chance on people with lower credit, it comes at a cost. The cost is a higher interest rate, which results in a higher monthly mortgage payment. The higher your score is, the better options you will have.

You are entitled to one free credit report each year from the following agencies: Experian, Equifax, and TransUnion. If you space your free credit reports out, you can actually get a free credit report every four months. Here’s what I mean: In January, get a free credit report from Experian. In May, get a free credit report from Equivax. In September, get a free credit report from TransUnion. That way, you can keep an eye on your improvements every so often throughout the year. Knowing what your score is and what activities are affecting your credit score is the first step to making improvements. Once you have decided to purchase a house, you can check in on your credit report. If any errors come up, it’s much easier to handle them in advance, than after you have put an offer on a home.

Preparing in advance also gives you more time to add money into a bank account that you have designated just for your downpayment and/or closing costs. Remember, the more you can pay on a down payment, the more options you will have as far as mortgages.

Are You Thinking of Buying a Home in Dubois County?

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Thinking About Buying a Home in Dubois County, Indiana?

At Sell4Free Welsh Realty Group, we make your home search simple and accurate. Our real estate listings are updated every hour with the newest homes for sale in Jasper, Dubois, Spencer, Martin, and Daviess Counties—plus all the surrounding communities. On Sell-4Free you will find a more reliable place to search than all the “Big Name” sites out there because you get the freshest data and property status’s.

Sign up for New Listing alerts to stay ahead of other buyers, receive price-change notifications, and be the first to discover the best deals on homes in the area. Experience a smarter, faster, and more local way to buy with Sell4Free Welsh Realty Group.