Whether you are a first time homebuyer or repeat owner, one of the most important factors affecting your ability to buy will be your credit score. Your credit score is one part of the mortgage loan qualification. Lenders will look at several things, but generally the higher your credit score, the better chance you have for approval and a lower mortgage rate.
You can request a free copy of your credit score from the 3 major credit-reporting companies here. Once you’ve received all three, review the reports closely to be sure there are no issues that you need address.
Got your reports and ready to improve your score? Check out these steps you can take right now to get you started in the right direction.
Keep in mind that it may take up to a year to see major changes in your score, but with diligent efforts you can improve both your score and your chance for buying a home. The Nashville housing market heated up during 2013 and predications look good for 2014 as well. This means buyers need to show home sellers that they are serious and ready to buy when they make an offer.
If you’re looking for a home in Nashville, Franklin, or any of the surrounding communities, call DeSelms Real EState at 615.550.5565 for additional information on how to secure the home of your dreams.