To take advantage of optimal mortgage products and interest rates, you will need a credit score of 600 or higher. Not quite there yet? There are several steps you can take to raise your credit score, such as
Pay down existing debt.
Have bills put in your name and make sure to pay them on time.
If you do not have one, apply for and use a credit card, but keep balances low and always pay on time.
Do not apply for multiple credit cards or products. Each application can ding your score.
You can also look for a lender who provides “credit builder loans.” These are usually small personal loans that will have a specific purpose, such as being used as a down payment or going to school. When you pay the loan in full, the funds are released.
Buying a house is a huge step in life, but it does not have to be a stressful one. Just take your time, do your research, and don’t be afraid to ask questions. To get the keys to your dream home in hand, follow these main steps:
Choose your lender and get pre-approved for a loan. Prequalification lets you know how much house you can afford, so it is important to complete this before you start looking at houses.
Find your dream home.
Make an offer.
Close on your new house and . . .
Make it a home!
You can make the home buying process even easier by choosing a helpful and knowledgeable buying specialist. That’s where Young Marketing Group steps in. Our Knoxville real estate team has helped many people become, or continue to be, Knoxvillians.