First Time Buyer – What to do about my credit?

Unlike most things in life, buying a home is one of the trickier maneuvers not everyone can manage. There are many factors which must be working in sync for the spectacular dream of home ownership to become a reality.

Making the decision is the big part. Once you’re determined and willing to own a home (and stop paying someone else’s mortgage) you are will on your way. Having a good job and money for closing costs is important, but perhaps at the top of my list is the ability and knowledge to give you the very best deal possible.

Everyone knows that only the very highest credit scores get the lowest rates at the bank. We also know that your credit score is a direct reflection of your payment history on your report and a variety of other related factors, all to do with whether you’ve paid your bills on time and whether you have used or abused the credit given to you.

Altering your credit score and who’s on it is easier than you think! Far too many Americans accept what they’re given when they are old what a purchase will cost.

This hands-off acceptance may not break us when we are making smaller purchases, but at the bank, for the biggest purchase of your life, it’s unacceptable!

Think for a moment about how long you will be paying for a home, most terms are 30 years. With 12 payments every year, if you overpay by $100, that’s $36,200 over the life of your loan. This is no small amount, and yet some people unwittingly pay it because of errors, not even late payments, on their reports.

So, if you are considering a home purchase, fantastic! Now is the time to retrieve your credit reports and take action to secure the lowest possible rates possible.

Be aware that a good credit lawyer can clean up the worst reports in a bout a year. For the do-it-yourselfer, like home repairs, you can do these type also, however you go about it, even if it takes a year, take the time to reduce what you ill pay for the next thirty years. You will surely enjoy your more affordable home when you do.