Pinetop White Mountain Blog

April 27th, 2009 8:56 AM

Good Morning Everyone,

I was reading an article this morning in the "REALTOR® Magazine" and I was thinking about what might be holding people back from buying property in such a good market.  Of course there could be facts that can't be overcome easily, things like Job Loss, Hours being cut due to the Economic Downturn, but also there are things that might be overcome with the proper guidance. 

One of those is credit issues.  We all have bad times in our lives when for one reason or another we just can't pay our bills on time or at all.  I found some hints and helps today on ways to improve your credit and to correct errors on your credit report.  Here they are and I hope they can help you overcome at least one of the obstacles of Home Ownership.

8 Ways to Improve Your Credit

Credit scores, along with your overall income and debt, are a big factor in determining if you’ll qualify for a loan and what loan terms you’ll be able to qualify for.

1. Check for and correct errors in your credit report. Mistakes happen, and you could be paying for someone else’s poor financial management.

2. Pay down credit card bills. If possible, pay off the entire balance every month. However, transferring credit card debt from one card to another could lower your score.

3. Don’t charge your credit cards to the maximum limit.

4. Wait 12 months after credit difficulties to apply for a mortgage. You’re penalized less for problems after a year.

5. Don’t purchase big-ticket items for your new home on credit cards until after the loan is approved. The amounts will add to your debt.

6. Don’t open new credit card accounts before applying for a mortgage. Having too much available credit can lower your score.

7. Shop for mortgage rates all at once. Too many credit applications can lower your score, but multiple inquiries from the same type of lender are counted as one inquiry if submitted over a short period of time.

8. Avoid finance companies. Even if you pay the loan on time, the interest is high and it will probably be considered a sign of poor credit management.

This information is copyrighted by the Fannie Mae Foundation and is used with permission of the Fannie Mae Foundation. To obtain a complete copy of the publication, "Knowing and Understanding Your Credit," visit http://www.homebuyingguide.org.

Page 6 Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS® Copyright 2005.

If we can help you located the appropriate agencies or if you have any questions please give us a call.  We have been there ourselves and we know how frustrating it can be to get issues corrected on a Credit Report.  The one thing I can say in addition to these hint is be persistent.  Remember the old saying "The squeaky wheel gets the grease" and I can tell you from personal experience that squeaking loud enough and long enough will get you results.

Have a wonderful Monday and keep us in mind for all your Real Estate needs.

SANDRA & BRUCE PAULOW  (928) 242-0300

Your High Country REALTORS®

Posted by Sandra Paulow on April 27th, 2009 8:56 AMPost a Comment (0)

Subscribe to this blog
Recent Posts:
Archive:
My Favorite Blogs:
Sites That Link to This Blog:

  MLS Home Search provided by White Mountain Association of REALTORS®

 

UA-8770410


Russ Lyon Sotheby's International Realty 3350 W. Sugar Pine Way Suite 300 Show Low, AZ 85901
Phone: Toll Free Phone: Cell: Fax:

Contact Me | Free Home Valuation | Community Information | Bookmark This Site | Selling in Today's Market! | Find Your Perfect Place! | A Changing Market | Send Me Listings | Sandra's Profile | Alternative Financing | Why a Buyer's Agent? | My Listings | White Mountain Welcome | Loan Approval | Request Industry Info | Why Homes Don't Sell | White Mountain Blog

Copyright © 2012 Russ Lyon Sotheby's International Realty
Portions Copyright © 2012 a la mode, inc.
Another XSite by a la mode, inc. | Admin Login| Terms of Use| Site Map
All rate, payment, and area information are estimates and approximations only.