Credit reports have been known for containing erroneous information, due to incorrect reporting by creditors or fraud. Before you decide to buy your next home or other real estate consider ordering your free report at www.annualcreditreport.com. As soon as you get your credit report read it carefully to see if there are any errors.
You can aggressively dispute any fraudulent entries with the creditors and the credit bureaus in order to dramatically improve your FICO score. FICO is an acronym for the creators of the FICO score, Fair Isaac Credit Organization; a standard credit score which makes up a substantial portion of a credit report that credit bureaus sell to lenders so they can asses an applicant's credit risk and whether to extend them credit. In fact, there is a bunch of helpful hints online at the annual credit report site. Your goal is to make sure that your personal stats are accurate.
Shoot for a credit score of not less than 700; credit scores under 580 will usually qualify only for sub prime loans. Before you get in the mood to buy make sure you don’t have any credit lines that are over the credit limit; if so immediately pay them down below the limit. If your credit limits are fairly low and you have some surplus cash, consider paying as many bills as possible down to 30 percent or less of their limits. You will also want to have at least three month’s worth of mortgage payments available.
If you are planning on receiving some money from your rich parents, or other wealthy relatives, be sure and get the money in the bank at least two months prior to submission of your loan application.
Finally, whether you live here or away work with one of our local trustworthy loan professionals; they will help you through the myriad of mortgage programs and find the one that is most compatible for you.
Once again I want to remind you that the snow is great for all sorts of outdoor activities. Have a great week…..Life Is Good…Enjoy!
Gary Nathan and
Amanda Mavis
Woodland Developments & Realty
Hayward, WI 54843
715-699-4040
www.garynathan.com
www.haywardwaterfront.com
