When you apply for a mortgage to buy a home, your lender typically obtains a copy of your credit reports and also your credit scores. Although you may not see this information in the paperwork you have to sign, your lender reviews it carefully in determining your credit-worthiness.
Here is why, and what happens to your report once you apply. To better understand your financial situation as it relates to buying a home, speak with a lender and/or financial advisor.
Why Do Mortgage Lenders Check My Credit?
There are two reasons that a lender may want to check your credit when you apply for a mortgage loan. The first is to learn more about your history of borrowing money and paying it back. Although most of the information that shows up in a basic credit report will relate to existing loans you have and open credit lines, there is also data about debts you have had in the past. Your record of paying all debts on time and not letting any delinquent accounts go to collection will show the lender that you are a reliable borrower.
The second reason involves a verification of the information you provided in the application. Your credit report shows the lender how much debt you are currently carrying, as well as the credit limits and monthly payments, as applicable. You are also typically required to quantify your monthly debt obligations...
The kids have flown the nest and its time to replace the too-large home with a smaller one more suited for just one or two people. But size is just one consideration when considering a house downsize and moving to a new house. If a retirement home purchase is looming in your future, the following tips will help you make sure you are selecting the perfect one for your comfort and your needs.
Stay or Go
The first question senior buyers should ask themselves is where they want to live. In many cases, moving to another city to be closer to grandchildren or friends may be the dream. When considering this type of move, visit the area first to get a feel for what it has to offer. In addition, make sure to drive through any neighborhoods that seem interesting to get a feel for the type of housing that might be available in these neighborhoods. Prices can vary significantly from area to area, so make sure to do the research and learn all you can about an area before deciding to buy there.
Features and layouts
Seniors who plan to remain in their own area throughout their remaining years will want to make sure that any home they consider purchasing will continue to suit their needs. Since some decline in mobility is typical as the human body ages, these buyers should consider looking for a home that has been built specifically to accommodate those with mobility issues or...
A real estate agent can be one of the greatest assets for prospective home buyers getting the home of their dreams, but of all home buyers interviewed last year, 70 percent only considered one agent after getting recommendations from friends and family. When interviewing a real estate agent, what should first-time homebuyers ask?
Key Questions to Ask When Vetting a Real Estate Agent
Before dedicating time to an in-person interview, first-time home buyers can do some homework of their own:
- Ask friends and family for recommendations. Question them about their home buying experience including any problems that came up and how the real estate agent handled them.
- Research the recommendations online. Look for complaints against the real estate agent at the state licensing board and ensure that the agent is licensed. Read the agents' biographies on their company websites to get a feel for their experience and personality.
- Check out the agent's current listings. Are the listings engaging? Informative? A buyer can get a feel for the agent's attention to detail and expertise by looking at his or her seller listings.
Once a buyer has a few possible agents in mind, he or she should contact...
Summer is a good time to sell your home, because there are many buyers on the market during summer months. However, hot weather and an abundance of buyers can make this time challenging for home sellers. Keeping up with curb appeal and creating a comfortable environment around the house can be critical for making a successful sale.
Keep Up With the Watering
It takes a lot of water to maintain a healthy lawn at the height of the summer. With the sun beating down and temperatures rising, grass and flowers can suffer if they're not sufficiently hydrated. Depending on the local weather, home sellers could find themselves watering their lawn or garden on a near-daily basis. Taking steps to conserve water and automate the system can make this less of a burden.
- set up an irrigation system for the garden, and place it on a timer.
- water the lawn in the early morning or late evening to prevent evaporation.
- turn off the watering system when it rains.
Maintain Curb Appeal
Curb appeal can be a lot of work in summer. Gardens need a lot of maintenance to avoid becoming overgrown or dry and brittle. Keep up with fertilizing, edging the grass, trimming bushes, deadheading flowers and raking up the lawn after storms. Homeowners who don't have time to do this personally will benefit from a gardening service.