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Making Sure You Are Ready To Take On A Mortgage

March 1, 2022 by Clean N Dry Today

Making Sure You Are Ready To Take On A MortgageThere is so much to know when it comes to homeownership that even wading into all of the information can seem overwhelming, but if there’s one thing you need when the time comes to purchasing a home, it’s to be prepared. Here are a few ways that you can ensure you’re ready for what a mortgage entails so that buying your dream home will be a positive experience you won’t regret.

Consider All Of Your Options

Instead of accepting the mortgage that your bank is offering you, it’s very important to do some research and determine what some of the best options out there are for you. While it’s entirely possible that the option pushed forward by your bank will work out, in the days of so much information online it’s silly to go into your biggest purchase blindfolded. Take some time out and read about the products available so that, when the time comes, you can make an educated decision.

Know Your Credit History

Lenders will most definitely be digging through your finances and credit history for anything that might make them leery of your financial state, but you’ll want to be aware of your own standing so that you can be prepared for what this might entail. By getting your credit report and score before going through the process of acquiring a mortgage, you can fix any errors that might be on your credit report so that you’ll be prepared for the result when the time comes for pre-approval.

Plan For The Future Possibilities

If the mortgage amount you are planning on paying seems feasible on a month-to-month basis, it’s certainly a good place to start, but if you not on a fixed rate mortgage, you will need to consider the ever-fluctuating state of interest rates, and you need to prepare for this reality at the same time. It’s important to base the amount you’ll be spending each month off of the income and expenditures that you’ve worked out in a budget, but you’ll want to add in some wiggle room so that a jump in the rates won’t sink your dream of home ownership.

There are many things to be aware of when starting the process of purchasing a home, but delving into your credit history and doing the necessary background research can make for a smoother experience. If you’re looking for advice on purchasing a home, contact your local mortgage professional for more information.

Filed Under: Real Estate Tagged With: Credit Score, Home Mortgage Tips, Mortgage Ready

Boosting Your Credit Score To Qualify For Better Rates

April 30, 2021 by Clean N Dry Today

Boosting Your Credit Score To Qualify For Better Rates

The better your credit score, the better the mortgage interest rate for which you should qualify. That can mean thousands of dollars saved over the life of the mortgage. If your credit score needs improving, get started prior to your search for a new home.

Pay Bills On Time
The simplest way to boost your credit score is by ensuring your bills are always paid on time. Nothing harms a credit score more than late payments.

Check for Credit Report Errors
Check your credit reports for any errors. These issues are not uncommon, and can really impact your score. Each of the three major credit card reporting bureaus –Equifax, Experian, and TransUnion –will provide you with a free annual report.

Credit Utilization Rate
Look into your credit utilization, or CU, rate. The CU rate is another big credit score consideration. Your CU rate is the amount of credit authorized versus the amount you use. It’s one reason maxing out your credit cards is not a wise move.

Never allow your CU rate to exceed more than 30 percent of your available credit. In simple terms if you have $1,000 in available credit, never use more than $300. High CU rates are a red flag, as they indicate someone with potential financial problems. For best results, keep your CU rate as low as you can.
Calculate your CU rate by adding up the credit limits on all cards, as well as the balances. Divide the total balances by the total credit limit, then multiply by 100. That amount is your CU rate percentage.

Reduce Your Debt
If you carry credit card debt, pay it down as much as possible. That also helps lower your CU rate.

Avoid Opening New Credit Card Accounts
Do not open new credit card accounts while trying to boost your credit score.   A new account lowers the age of your accounts, affecting your credit history and lowering the CU rate.

Do Not Close Unused Credit Card Accounts
Do you have credit cards you never use? You might think closing them would boost your credit score, but that is not how it works. When you close the account, the amount of credit you have drops. That triggers a CU rate increase.

Refinancing Credit Card Debt
If you have substantial credit card debt, consider refinancing all of it with a personal loan. You should receive a lower interest rate with your balances now merged into a single monthly payment. This also causes your CU rate to go down.

How Long Will It Take?
How long it will take to improve your credit score depends on the severity of your credit problems. Those with serious credit issues may find it takes years to raise their scores significantly, but most people should see improvement within a few months. Then it is time to think about mortgage shopping!

Filed Under: Real Estate Tagged With: Credit Report, Credit Score, Real Estate

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