First Time Home Buyers PDF Print E-mail
Written by Jessica Lambert   
Monday, 09 March 2009 20:46
First Time Buying a Home - What to do about your credit?
by JessicaLambert


First Time Buying a Home - What to do about your credit?

Unlike many things in life, buying a home is one of the more difficult things not everyone can manage. There are many things which must be working in sync for the spectacular dream of home ownership to become true.

Making the decision is the big part. Once you're determined and want to finance a home (stop paying someone else's mortgage) you are on your way. Keeping a decent 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 best deal available.

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.

Changing your credit score and who's on it is simpler than you can imagine! Far too many Americans accept what they are given when they are old what a purchase will cost.

Having hands-off acceptance may not hurt us when we are making smaller purchases, but at the bank, for the biggest purchase of your life, it's unexcused!

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

If you are considering a buying a home, great! It is time to retrieve your credit score and take action to secure the lowest rates possible.

Know that a good credit lawyer can clean up horrible credit reports in about a year. For the do-it-yourselfer, you can do these type also, however you go about it, even if it takes a year, take the time to reduce what you will pay for the next thirty years. You will surely enjoy a more affordable home this way.

DISCLAIMER: This article is provided as information only and is not to be taken as financial advice.

For a free credit consultation call 1-866-246-7311. Or for free credit repair letters or to learn how to remove bad credit from debt collectors such as Midland Credit Management.