Preparing to buy a home? How’s your credit?

It’s extremely important for a potential home buyer to consider their credit score before taking the next step in buying a home. A credit score will be a very important factor not only in the approval process but also in getting the best possible interest rate. Just a slight change in a percentage rate can save a homeowner thousands of dollars which means that it is absolutely vital that the home buyer get the best rate they can. There are many ways that a home buyer can seek to improve their credit score before applying for home loans, such as paying down loans, but the first step should be for the buyer to request a copy of their credit report and score.

Once the buyer has a copy of their credit report they can identify any problem areas and seek to improve them. A credit repair agency can also help but it’s usually not necessary. The buyer should be prepared to repair their credit as much as possible, and only then should they seek to get approved by mortgage lenders.

For more information on how to prepare for home loans contact Cary Amo.

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