First thing needed to be done is review your three credit reports from the three credits Bureau:
|P.O. Box 740241
Atlanta, GA 30374
|P.O. Box 1000
Chester, PA 19022
|P.O. Box 2002
Allen, TX 75013
These 3 credit reporting agencies are competitors of each other, and they do not normally share their credit information except in special cases. That is why it is important to order a credit report from all three.
Equally important to your credit reports are your credit scores, also known as your FICO score. A credit (FICO) score is a statistical method to determine the likelihood of an individual paying back the money he or she has borrowed. This is helped by paying your payment on time and not carrying more debt than you can pay off in time, or income to carry that debt.
Remember A good credit score is your passport to competitive interest rates for mortgages, cars, credit card offers, job offers, insurance premiums and more. A strong score is worth money because it saves you in excess costs. However, in today’s housing market, you have the blessing of low-interest rates, so even with not so good scores, your monthly payment can still be bearable, than in the future whenever they would rise. They normally rise higher, quicker / quickly than they do when they are lowered.
3 Bureau Credit Report and 3 Credit Scores – would merge 3 Bureau Report and 3 Scores online. It includes information from all 3 national credit reporting agencies’ and nicely merged the reports as they are normally used when you apply for a home loan because it shows the most complete picture of your credit history, plus, your scores from all three national credit reporting agencies shows you how your report looks on a numerical basis. The three bureau report and three scores is the perfect report to check if you plan on buying a home soon, and you want to make sure your credit is accurate, they would charge one time charge $39.85. There are other sites that provide these reports as well for free but they do have things attached to them, such as annual monthly membership. If by chance you found a better one, please drop me an email: RealtorRonW@yahoo.com
Remember, the Government allows you one free credit report from all three credit bureau, but they would come separately and without having your credit scores. These can be obtained these scores by paying an additional fee for them. You can obtain your one free report on: https://www.annualcreditreport.com/ once every 12 months period.
Credit agencies or bureaus gather their consumer credit information by soliciting creditors such as credit card companies, banks, and lenders to join their systems and contribute their credit experience on consumers to the systems. In return for submitting information to the systems, creditor members may use the system to obtain credit information on consumers to approve credit decisions or review existing consumer accounts. Again this is why late payments are not good. They would lower your scores. Also important is the amount of income to debt you are carrying. This would increase your interest rates, because you are consider more of a risk, and can even stop you from receiving a loan to purchase any house. Even some government affordable home programs may reject you with bad scores, even if your income and household member, falls within their guidelines. Please email me if you need some information on these programs.
The next thing, you need to determine how much of your down payment you be making. There are still FHA loans available that would allow for as little as 3.5 % down. Drop me an email if you want to know what other possibilities there are for you: RealtorRonW@yahoo.com. I have lenders that are qualified and safe to deal with and may be able to help you with your situation. You can drop me just your name and phone number and best time I can call. Allow a 2 hour window, so I can avoid any schedule conflicts.
So, by knowing your credit and their scores, and amount of down payment you are able to make, you have a fairly good idea on your price range you should be looking in. Now you would have that all important Pre-approval letter many banks and seller would want to see before considering your offer on your DREAM home. Do not lose out by not having this.
If you need additional help or have any questions, call or drop me an email.
Thanks for taking the time to read my post and remember,
“Pictures without the information is never the whole and true story ~!” Realtor Ron W “Picture being shown, are used to advertise and draw your interest. The rest, the information, will help you decide. Where that information comes from is IMPORTANT to you. It is when you actually view the property, have it inspected, is where everything will fall into place having a pre-approval letter or proof of funds already done and in my hands. Sellers and Banks request this information, before reviewing yours or any offers” Do not lose out by not having this.
Ronald Wolchesky (alias Realtor Ron W)
Thank you for taking the time to view the video and my post.
Ron Wolchesky (Realtor Ron W)
Realtor® : License in Florida