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Jennie Shook's Buyer's 2016 NewsletterHere’s How To Avoid Five Of The Most Expensive Mistakes Homebuyers Make...![]()
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Continued from Page 1 Col 1 This credit score is a number that Lenders use to decide which types of loans you’ll be eligible for and able to get. As with all new things, there’s controversy over these credit scores. Some types of loans require that you have a certain credit score to get the loan – no exceptions. And credit scores change over time. As a matter of fact, just applying for credit can lower your credit score. Now that you know what a credit score is, here’s how to make sure you have the best one possible. First of all, don’t apply for any new credit cards or consumer loans. Don’t go down to the furniture store and take them up on the “no interest, no payments, no nothin’ for one year” financing program, and of all things, don’t go out and finance a car! You can do all of these things after you get your mortgage and buy your house, but for your own sake, don’t do it before. Buying things on credit not only hurts your credit score, but it also leaves less money for you to use for a house payment. Lenders look at this figure also to determine how much money they’ll lend you, and how much they’ll charge you to lend it. So, wait until after you’ve bought your home and moved in to get that new couch or big screen T.V. And there’s another reason to wait. After you buy your home, you can get a loan for up to 125% of your home’s value to buy whatever you want. And when you get a loan against your home, all of the interest you pay is tax deductible. |
Continued from page 1 Col 3 But unless they’re working as your buyer representative, they represent the seller. There are different types of agency relationships you can have with a Realtor, so make sure you’re clear on your options. Mistake #4:
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