Credit Tips for First Time Homebuyers

Credit Tips Header Image

When applying for a mortgage loan, your credit will be one of the key factors in whether you’re approved, and it will help determine your interest rate and possibly the loan terms. It’s a good idea to check your credit before you begin the home buying experience.

Before you dispute any errors or negative factors that could be dragging down your credit score, speak with your George Mason Mortgage Loan Officer. We can provide professional insights on where you currently stand and what can be done to put you in the best position possible to buy a home.

Here are some credit tips for first-time homebuyers:

Do:

  1. Contact us before you do anything
  2. Pay all your bills on time
  3. Keep your credit line below 30% of their maximums
  4. Keep an eye on your credit history
  5. Set automatic bill pay to keep paying on time

Don’t:

  1. Make any late payments
  2. Apply for any new credit
  3. Avoid making major purchases
  4. Over utilize credit
  5. Close old accounts, it might actually lower your FICO score

You have the right to your credit report once per year from each of the three credit bureaus. Get your report from each one in different quarters of the year and make sure no one is using your credit when they shouldn’t be. Get a free copy of your credit report from annualcreditreport.com.

Together we can ensure everything is in line so you are in the best position to buy your new home.

Related Articles

The Building and Financing Process

There are several important steps you should take to ensure a successful building and financing process.

Read More →

One-Time Close Construction Loans

One-Time Close Construction Loan Program   GMM’s One Time Close is available for New  Construction and Renovation projects. This program offers you the benefit of …

Read More →

What Is A Mortgage Recast?

You have probably heard of refinancing your mortgage as a way to potentially lower your monthly mortgage payments. There is also another possible option called …

Read More →

How Do Down Payment & Closing Cost Assistance Programs Work?

Who Can Receive Down Payment Assistance? While many down payment assistance programs are often paired with loan options for first-time homebuyers, this is not always …

Read More →
FHFA 2021 Announcement

FHFA Announces Conforming Loan Limits for 2022

Baseline Conforming Limit Will Increase to $647,200 FHFA Announces Conforming Loan Limits for 2022 | Federal Housing Finance Agency Washington, D.C. – The Federal Housing Finance …

Read More →

Home Inspections

Home inspections give you the opportunity to have the home thoroughly examined by a professional before you spend any money to purchase it. Paying for …

Read More →
Scroll to Top