Spring may bring thoughts of your dream home – and what better time for a home search than now?
By the time summer comes you could be happily ensconced in your new home. Think outdoor living and a relaxed intro to a new neighborhood.
But before the dream turns into a full-fledged home search, there are several things to consider. One of the most important is your credit score and what that score may mean as far as your mortgage options.
To advance to the search phase, you’ll need to know what your credit score looks like now and where it ultimately needs to be for you to be in a position to purchase a home. So now is an ideal time to contact your mortgage professional to review your credit.
Indeed, you can pull your own credit, but what you need is a way to interpret what’s on the report and how it will impact you throughout the lending process. Many things that you may see as minor on your report may actually make a significant difference in accessing the programs and interest rates you want.
For example, if you carry a lot of credit card debt or if one card has a higher balance than most lenders feel is appropriate, that’s a negative. But if your mortgage advisor draws this to your attention, you’ll have time to pay off or reduce your balance before you start to search.
And the sooner you start, the sooner you can be in your dream home.