First Time HomeBuyer Tips - Review Your Credit Report
If you have been thinking about buying your first home in Richmond VA, you may have gotten onto the internet, did a search in Google, come back with millions & millions of results, and become frustrated!
Each week, I do a video giving tips on how to buy your first home! Tip #2 this week is to review your credit report! Why?
Your credit score is very very important when buying a home! After all, you need to get a loan! The lender will pull your credit report and look at what your credit score is on each of the credit reports from the 3 major reporting bureaus - Experian, Equifax and Transunion. What the score is will determine not only if you can get a loan, but also what the interest rate will be (the higher your score, the better your interest rate) as well as what kind of down payment you will have to put down (the lower the credit score, the riskier you may be to the lender & they may require you to put down more money).
Federal law lets you get a free copy of your report each year from each of the reporting bureaus. So go online and get your report - don't rely on the reports you can get from the free credit services! See what your credit score is! If it is low, now is the time to work towards getting it up - what are some things you can do?
Pay down your debts
If there are errors, contact the credit bureaus to get them corrected
Pay your bills on time - set up payment reminders on your phone
Try a debt consolidation program - but don't run the cards back up again
These are just a few things you can do! Watch my video and check out my youtube channel weekly for more tips!
Have questions? Want to get started? Feel free to call me at 804-869-1191 or email me at BReagan2@gmail.com Have a great day!