Are you considering buying a new home, first home, second home, investment property? If you are the best advice I can give whether you are a first time home buyer or have been through the process multiple times, the first thing you need to do is CHECK YOUR CREDIT!!!!
Seriously, you would think this would be the first thing everyone does, and unfortunately it isn’t. This could be the biggest mistake if you fail to check your credit prior to calling that agent on the “for sale” sign and/or call your real estate agent saying you want to look at a home you saw for sale. Now granted the agent should be asking you if you are pre-approved, or at least asks you if you have spoken to a lender, but sometimes this doesn’t always happen or you may have stretched the truth a bit and said yes (when you haven’t thinking you shouldn’t have any issues because you “know” your credit it good). It’s not always about your credit score.
If you haven’t checked your credit at least once a year, then you may be in for a surprise. Especially if you have been through a divorce, foreclosure, bankruptcy, etc. You may of thought that since your divorce was a few years ago, or your bankruptcy was 7 years ago, etc. that this should not be an issue. Well, sorry to say I have come across too many clients who came across credit issues AFTER writing up a sales contract!
Then come to find out you have late payments on a credit line, past mortgage, forgotten dispute, or worse you may have a judgement or collection you weren’t aware of, or how about a *“charge off” (*learn about what a “charge off” means and how it affects your credit) on a credit card. All these items could KILL the deal!!! No joke!
Before you call your agent and before you decide to put an offer in on a property, CHECK YOUR CREDIT!!!! If you need help in learning how to obtain your annual free credit report click here, they will walk you through the process. Or if you are already familiar with the process feel free to go to www.annualcreditreport.com to obtain your free credit report. Note this does NOT include your score. If you want to include your score there is additional costs with each bureau. First and foremost review your report and check for any discrepancies, then if you have any 30,60,90 day lates, judgements, collections and charge offs. If you need help in cleaning up your credit there are services out there to assist, usually for a fee.
If you have any questions please send me an email, give me a call, I am always eager to help!
If you would like to get pre-approved, click here for a secure online loan application.
~Cheers
Ray Williams
Branch Manager
Summit Mortgage Corporation
303-779-0591 ext. 101
