Buying a New Home? What You Don’t Know Can Get You Ripped Off
Posted on July 26, 2009 - Filed Under Real Estate | Leave a Comment
Thorough investigation... that's what the home buying process is all about. First you tour a home and check things out and maybe even return again to take another look before finally presenting an offer. Then your home inspector comes in and goes up on the roof and down under the crawlspace. He goes over the wiring and plumbing, searching for any potential problems.
Then of course the bank's assessor comes in to review the property and compare it to others in the neighborhood in order to determine it's value. From start to finish, a successful home purchase requires thorough investigation of everything.
But before you ever head out for an Open House, there is a little investigating you should do of your own. When was the last time you reviewed your credit report?
In these economic times banks are more stringent than ever when it comes to loaning money to new home buyers. Your credit report is the definitive factor in whether or not you qualify for a loan and what mortgage rate you will receive. But did you know that 3 out of 4 credit reports contain errors?
Those mistakes can negatively affect your credit score and put your dream of homeownership in jeopardy. You should always review your credit report to ensure that it is free from inaccurate information before you speak to a lender. That way you can have any mistakes promptly removed and ensure you get the loan terms you deserve. Don't miss this crucial step in the process.
See your credit score for free, and find out what kind of loan you qualify to receive. See where you stand on the credit score scale and how you compare to the national average.
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