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Expert Tips for Home Buyers & Sellers

Our mission at John Stevenson Real Estate is to be your best resource for real estate advice. Whether you are a buyer, seller, or investor, our team of professionals can answer any questions you might have about real estate. Subscribe to this blog to get the latest news on local market trends and receive expert tips for buying or selling a home.

Tuesday, March 7, 2017

Some Easy Credit Tips to Remember



Your credit score is a delicate thing when it comes to qualifying for a home purchase. Any extra debt could negatively affect your ability to buy.


Today we’re talking about credit. If you plan on buying a home in the near future, you want to keep these tips in mind.

When you're getting a loan to buy a home, don’t mess with your credit in any way. If you have cards you want to close, don’t touch them if you’ve been approved for a mortgage already. You may be hankering to buy a new couch for your new place or a new car, but you’ve got to wait.

Wait until after your transaction closes to buy these things.

If you make any big or unusual purchases with credit, it could affect your score, your interest rate, and more. If a lender has to revisit your rate because of a large credit purchase, you might not qualify for the same home anymore.

To raise your score before you go into a lender, you should have a good debt-to-income ratio. Just by doing that, I raised my score by 50 points on my own. My advice is to save any credit purchases until after closing. If you do that, you'll be fine and you’ll still be able to get new furniture or appliances.

If you have any questions for me or would like some more tips on getting ready to buy, give me a call or send me an email. I look forward to hearing from you soon.