Posts Tagged ‘FICO’

Thinking of buying your first home?

Friday, September 26th, 2008

You don’t have to know everything to buy a home, but you need to get some experts on your team.  First, start saving about 3% of the price of the home.  Let’s say a $200,000 house-that is $6,000 .  You want to go see a Realtor, a Mortgage Broker and talk about what are my next steps.  If your credit needs work, you need to be around 600 FICO score to get a good rate at a minimum.  I’d be glad to talk to you in the Clark and Cowlitz County area.

Stop buying on credit and pay your bills faithfully.  Be on time with your payments.

If you want to use your credit card that you will pay off each month with cash you have, that will increase your credit score.  Make sure you can pay it off each month.

If you have more than two credit cards, keep the two that you pay the least interest per month and pay off the other cards.  Have them blocked, but not closed.  You are not using them, and they still show up on your credit report.  Don’t apply for any more credit, cards, furniture or purchases.  Just pay your bills and get to a place where you can pay off most all you owe.

See your Mortgage Office at the beginning of the desire to purchase.  They will give you the shortest route to the purchase of your new home.  Ask them for a pre-approval letter to give to your Realtor,