1st Step To Buying a Home… Know Your Credit Score
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. This 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.
The bottom line…
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.
Want to Buy a home? Text Buy to (714)880-8875
We’ll send you our latest E-Book: Things to Consider When Buying A Home
Table talk is all about the Housing Crisis…Meat lovers & vegitarians agree
Really, no matter where we are for lunch, the next table over is discussing the housing dilemma! There have been a few times that I wanted to put in my "two cents" but at the risk of being called an eavesdropper.... Here in the Inland Empire, we are all painfully...
Loan Modification Or Short Sale….Weigh The Benefits Of Both
Loan modification companies are sprouting up everywhere. We were working on a commercial deal the other day and noticed that a "Loan Modification" business had just leased out 3500 square feet of space in a prime area of town. I want to be clear to all who read this,...
Short Sales Are the Right Answer for Your Negative Equity Homes or Investment Properties
If you find yourself in a situation of negative equity in your home or investment property...and you have an increasing monthly mortgage payment, you need to Short Sell the property. This is easy for me to say, however, it's about quality of life. You and your family...
Banks Pay Realtors Commissions in Short Sales of Home and Real Properties
"Ok...I want to short sale my home, but who pays your commission?" This is the #1 question I receive from our short sale clients. As a Short Sale Specialist, we negotiate our compensation with the bank. Simply put, we are told by the bank what they will pay, ...
Short Sell Your "Loser" Investment Properties
If you purchased investment properties over the last 4 year's and you used any of the creative loans being offered at the time, there's a good chance your in a negative cash flow. If so, cut loose this anchor and "short sell" it...today. We specialize in negotiating...
Inaguration Day…Bankruptcy May Help You Keep Your Home…
Barack Obama has been sworn in today as the nation's 44th president. This President has the eyes of our Nation upon him! With the economy tanking, unemployment rising we need a plan. According to this new administration, they have a good start. It sounds good, but...
Loan Modifications…More Opportunities When Your Behind On Your House Payment?
Loan modifications are tricky, if your wondering about your options please make sure you work with someone that has experience and success in completing them. Anyone that tells you that you have to pay up-front fees is most likely taking your money. Your lender will...
Inland Empire gets HUD Approval In Efforts To Save Foreclosed Home From Decay
We read about all of the MONEY that is going into so many "EFFORTS" to save our decaying Inland Empire....I'm sure we will all be watching closely; we here in the Inland Empire have not seen bottom yet. This is hot of the wire: Federal officials have given an official...
San Bernardino Supervisors Spend $2.5Million on REO Properties
Please Read below and then come back to these questions: Wow...who's benefiting from SB Counties stupidity? (Burums out of work in house contractors to refurbish the foreclosure ruins) How many homes do they intend on buying? $75,000 each(average price of an SFR in...
Is Countrywide Overwhelmed….Or Do They Just Employ Idiots????
Let's see, how do I start this....it wasn't a joke, but I did say "are you kidding me"? It was a little after 6:00, my phone rings and it's a female asking to speak to a "Mr. Smith" I recognized the name as one of my clients and asked who I was speaking to? The answer...
What! Gaps in how Treasury is monitoring taxpayers' money…Loan Modifications…
Well, it appears that someone's hands may be in the cookie jar... It's good to know that there is a "Panel"! Lot's of good points spewing from the "panel" "Treasury is the one who set up the system. And they didn't put any tracking mechanisms on it." That's...
It's ONLY A Test….Short Sale Appoval Before you have a buyer!?!?
My first reaction to this article was It’s about time! Then I thought about how many real estate agents my husband I actually interact with on a daily basis that are not educated to Short Sales, and they are the listing agents! The motivation is good, save the United...
U.S. unemployment hits 16-year high: 7.2%…Your Not Alone If You Can't Make Your House Payments!
Today's LA Times is confirming what most of us are painfully aware. Each day, as we try to survive, keeping a roof over our family's head and food on the table. reports like this roll out of the nations capital. Reporting from Washington -- The nation's unemployment...
30 year Interest Rates average 5.01%…Let us do your Loan Modification.
The 30-year FRM has not been lower since Freddie Mac started the Primary Mortgage Market Survey in 1971. Even if your not faced with the loss of your property, you should consider a mortgage modification or loan mod. We offer this service with no upfront fees and ask...
A Loan Modification Is A Good Place To Start….
Wow, its overwhelming, everywhere I look there is a reference to Loan Modifications. As real estate agents my husband and I have been entrenched in helping people that needed to sell their home and had no equity...A Short Sale... I think a loan modification is a...
How do I qualify for Short Sale?
I am behind on payments and am thinking about a short sale but how do I qualify for one. How long does it take, I don't have a place to move to yet. Thanks, Carol H. Answer: If your behind on your payments due to financial reasons, you will be able to Short Sale your...
My husband was laid off and we can't make our house payment
We don't make enough money now that my husband is not working. I have called my mortgage company but keep getting the run around. I have filled out paperwork but they say they don't have it. Can we get a loan modification? How much will it cost us? Theresa in Rancho...
Renters of Foreclosed Homes Get Help From Fannie Mae…
We get calls every day from families in need of rental homes. Most are already renters and the homes they are renting have gone to foreclosure. It's a scary time out their for all of us. If your a renter, there are no real guarantees that the rent you pay your...