FIRST TIME FORT HOOD BUYERS - If you don't know your credit score, and you want to buy a house at Fort Hood, Texas, you may be in for a shock! Those actions that you think are just innocent financial decisions can have a huge NEGATIVE impact on your credit score.
Knowledge is power! So read on:
Gabrielle Rhind has a timely blog post that I want to share with you. Via Gabrielle (Kamahele) Rhind, Associate Broker (Tierra Antigua Realty, Tucson AZ Real Estate):
With anxious Tucson home buyers yesterday, I saw the lender's smile turn to a scowl as she reviewed their credit report. Clearly, the Buyer's "forgot" to mention a few things. When the lender asked them about late payments on two credit cards, the Buyer's responded,
"We didn't care to pay it- it's just a piddly $17.00 a month." Oh. Okay. Hmmm.
The lender, now looking at her watch, sharply said, "Well if you don't care to pay $17.00 a month how do you intend to convince me you are going to pay $600.00 a month?"
So yes, if you want to buy a home and get a loan - it's a good idea to care about that "piddly" monthly payment. Especially if you have a bankruptcy or other issues on your credit report.
If you are unsure about what your credit position is and you want to purchase a home - the first thing you need to do is make sure you know what "good credit" is:
Call and meet with a lender. They'll be honest and tell you point blank if your credit is good and what you need to do to fix issues if it isn't good.
If you are self-employed, keep in mind, the "income" lenders use is what you report and file on your income tax returns.
Once you've made the commitment to buy a home and fix your credit -- DO NOT go out and start buying more things. Especially big things likes cars, TVs, etc.
Don't get frustrated. Your credit didn't get bad overnight and it's not going to get fixed overnight. It will take discipline and patience.
Stop searching the Internet for homes until you are ready to buy. This will only disappoint and discourage you from staying focused on what you need to do first. Keep in mind - there will always be a great deal on the perfect home for you!
And - pay all your bills on time and every time!
Buying or selling Tucson real estate, Mt Lemmon, Tucson bank-owned homes, Tucson rental homes, or Tucson lease option homes? Visit www.BuyMyTucsonHome.com.
Find out what your neighbors house really sold for ~ what your home is worth ~ or search for your own Tucson home!
This blog is written with my opinions and my opinions are presented with accuracy but not guarantees. Please talk to a professional before making any real estate, financial or agency decisions. Gabrielle (Kamahele) Rhind - 2009. If you want to reprint parts of this - just email me for my permission rhindohana@msn.com or TucsonsRealEstate@gmail.com.
I particularly like the "stop searching the internet for homes" advice. We usually encourage people to get a full blown commitment for funds, subject to ratified contract and appraisal before we look in earnest. This way, we are not looking at WINE houses on a BEER budget.
Happy 2010.
Sometimes it is really interesting the way some people think about credit. I could not imagine ever not paying a bill. Sadly others do not think that way.