Credit Report Stuff

Once you know your FICO, you can shop for the best rate and terms that rate will allow. One big also is don't apply for a Visa, MasterCard or any other credit card even if companies like Citi send you the application in the mail. You' ll have plenty of opportunity to acquire debt after you own real estate and you won't have to waste time on credit repair.

People walk into my office at all levels of income and some know where they are financially and many don't. It is easier for me to help those who at least know something about their borrowing ability. Be one of those that knows about their credit regardless what you appearance implies - sometimes you can get a better deal if you are savy and don't appear to be, but many people assess you at first glance. Get free information from at least one of the big reporting agencies.

A FICO number above 660 is usually useful enough to get the best rates and terms. Poor credit means higher rates and more difficult terms to meet. Onetime, I got my free report and there were millions of dollars of debt on it. I was stunned. It did affect my ability to get a loan. Fortunately, I was able to figure out, that because I had a very similar name to my Dad, I had some of his liabilities on my report. Needless to say, I worked to get this corrected so I wouldn't be liable for any problems with his real estate deals. The bureau people said that happens all the time. Lesson: don't name your kids after you. I think it could work in reverse, too.

So with your score in your hip pocket, contact a lender or two and see if you have the possiblity of borrowing what you need. Unless you have piles of cash, you are going to need a mortgage. Even if you have piles of cash, the economics of paying with future dollars that will be worth less because of inflation is how the Trumps and Buffets all buy property. So call or email a lender / loan officer / loan originator / mortgage specialist or what ever they call themselves. Tell them you "have an above 670 FICO". Keep your cards close to your vest, you are fishing for the best interest rate and terms. Lenders get paid by the "program" you get your loan under. There are some who will put you in the loan that makes them the most money and there are better loan professionals that will match you with the least expense to you with the best terms. I like the later kid of person. some people just want the loan and don't care. Care if you can, buy what you need to close a good deal. By the way - there is always another good deal.

So when you know what you can borrow, and you know how much you have to put down (your savings/downpayment), you add those together and that is how much house you can afford. Not too difficult. Add 10%-20% more than you have and start looking at property. Why add upto 20%? Because there are very few markets that are selling at 100% list price. You always ask for what you want at a price you can afford.

Once you have your Credit Report, you can click here to find an internet lender that is useful. It is for Lower my Bills .com and is only one place of many to research.