Credit Tips for First Time Homebuyers

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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.

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.

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