Articles Tagged "Credit score"

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Before House Hunting

House hunting is an exciting but stressful exercise. You're looking for a home you'll fall in love with, but also one that comes closest to your needs, in terms of location, size, and cost. Along with the excitement come concerns about going over budget and other pitfalls. 

As you search for Chattanooga homes for sale, you need a strategy. To get you started, here are several things you should do before you get serious about house hunting.

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Improve Credit Score
So you're itching to get started shopping Chattanooga homes for sale to become a homeowner, but you'll need a mortgage loan to realize that goal. Given that fact, you'll certainly want to get your credit report in shape to ensure that you can get approved for that loan – and that you can get the best possible interest rate on it when you do. So how does an aspiring homeowner go about raising their credit score? Here are tips that can help:

  1. Check your credit report for errors
    Your credit reports are documents that detail your track record with credit, outlining factors that include how much debt you're holding in relation to your income and how responsible you have been in paying off that debt. There will be three major reports detailing your credit history, held by three major credit bureaus; Experian, TransUnion, and Equifax. While these bureaus know their business, they rely on information collected from your creditors to compile their reports, and errors are fairly common. For that reason, getting copies of your reports from all three companies and examining them for errors is an important first step if you're working to raise your credit score. If any of your reports do contain errors, contacting the credit bureaus to get them corrected is your next step.

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Mortgage Interest Rates
You negotiated a good deal on your dream home with the beautiful kitchen, and you are approved for a mortgage. Now, all that's left is to sign the paperwork. All those pages you are signing detail what you will pay for the house you are making a home. One specific number to pay attention to is the interest rate, which of course, adds to the final amount you pay back.

So how is the interest rate calculated for people buying Chattanooga homes for sale? Here is a quick primer:

  1. Debt to income ratio
    This number shows lenders how much income you have to the amount of debt you are responsible for paying back. If you have a lot of debt payments already, you might find it difficult to pay a larger mortgage. One of the best things you can do before buying a house is pay down as much debt as possible. Not only will this let you get a better interest rate, but it will also give you breathing room as you begin homeownership.

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