Jun 15 2017 38167 1

Dated: 06/15/2017

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SO YOU WANT TO BUY A HOME…


If you are contemplating buying a home, or even building a home, there are some things that you may want to consider as you begin this process. One of the very first steps, if you are seriously thinking of a new home, is to determine whether you can afford to buy a new home. Step one is to meet with a mortgage broker or lender to determine whether now is the best time for you to purchase a home. Even if purchasing a home is not in your “immediate” plans, it may still be a great idea to meet with a lender to discuss your finances. Many times they may suggest simple steps you can take to improve you credit and to remove “blemishes” from your credit report…in a short amount of time.

Your credit report is an indication of how you manage your finances.  How much credit you have, how much money you owe and how often you pay are all factors that affect your credit scores. It is important that you are knowledgeable about what your credit report contains before applying for a mortgage. These reports are a vital part of the mortgage approval process and the information contained in your personal credit report is used to determine the loan terms and the interest rate that you will receive from your lender.

It is also important to monitor your credit report on a regular basis. If you have not looked at your report recently, you could be surprised about the information it contains.  It is not uncommon for there to be errors in credit reports and it would be much better to get the report “cleaned up” before beginning a loan application process, than to suddenly discover these “blemishes” once the process is under way.

You may think that you only have one credit report and/or score, but you actually have several and it is important to regularly monitor your reports with each of the major reporting companies.  The three companies that you should monitor your reports with are: TransUnion, Experian and Equifax.  Lending institutions typically look at scores from three different companies so you will want to check all three company’s reports. Also, just because one company’s report may not have any errors does not mean that the other two are correct. A low score with any of the three can cost you additional money or cause you to not be able to secure a loan. You are entitled to receive a free credit report every 12 months from each of these three companies.  One suggestion may be to request one free report every four months from the different companies, rather than requesting all three reports at once.  Visit https://www.annualcreditreport.com/index.action for more information on obtaining your free annual credit reports.

Buying (or building) a new home is probably the single largest purchase most people will make in their lifetime, so it is important to “do your homework” regarding what type of financing is best for you and what budget you should set for your new home.  It is wise to take your time and navigate through this process slowly.   

Once you are ready to proceed, call a Realtor© to assist you with making your DREAMS a REALITY!

Walt and Emilie Davis

Treating customers like family is both a guiding principle and way of life for Walt and Emilie Davis. A husband and wife duo, they are dedicated to listening intently, understanding and matching indiv....

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