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One of the most important factors that many home buyers face is that of their credit score. You have the right to get one free credit report per year. There are also many different apps and websites that keep you updated on your credit score and any changes in your credit report. These programs even guide you in how to improve your score.
Why Do We Have Credit Scores?
A credit score is a number that shows how creditworthy a person is. Lenders look at this score in order to assess how risky a person may be to lend to. This lessens the potential risks that the lender may face, keeping people who may be at high risk for defaulting from securing a loan in the first place.
What’s A Good Score?
Credit scores range from 300 to 850, with 850 being the highest score that you can get. A credit score of 700 or above is considered good. A credit score above 800 is seen as excellent. The bottom line is that the better your credit score is, the more reliable of a borrower you will be seen as by lenders.
If your credit score is less than stellar, however, you need to get to work so that you will be able to get loans in the near future. Here’s some steps that you can take to improve your credit:
Pay Off Outstanding Debt
If you owe anything on medical collection accounts, credit cards, legal judgements; basically any debt that will show up on your credit report, you need to pay these off. Getting rid of debt can help you to increase your credit score more quickly.
Rebuild Your Credit
You’ll need to keep up any accounts that you have with good payment history and maintain the good work. You should be diligent to maintain those on-time payments for an increased good payment history. Even if you have accounts that have had late payments previously, you can still work to get the accounts back in good order.
If you don’t happen to have any existing credit accounts, you’ll need to get one in order to begin establishing credit. A good way to do this is to apply for a credit card and only charge what you can afford each month in order to help establish a credit history.
Look At Your Whole Financial Picture
Aside from your credit score, you’ll need to take a look at your bigger financial picture. Everything from the amount of savings that you have available to how much of a home you’ll be able to afford is important. You need sufficient income so that you’ll be able to buy a home and provide a down payment along with money to pay closing costs.
Once you start investigating your credit score and how to improve it, you’ll be on your way to better financial health.
As a homebuyer, it is easy to envision finding the perfect house, submitting an offer on it and acquiring it right away. However, it is important for buyers to consider the worst-case scenarios as well.
A buyer who understands the worst-case scenarios that he or she may encounter during the homebuying journey can plan accordingly. That way, this buyer will be better equipped than others to avoid various homebuying worst-case scenarios altogether.
Now, let's take a look at three common homebuying worst-case scenarios, as well as how buyers can avoid these situations.
1. You find your dream home, but it falls outside your price range.
If you enter the housing market without a mortgage in hand, you may need to act quickly to acquire the necessary financing to purchase your dream house. But once you kick off a search for a mortgage, you may find that the cost to acquire your dream home falls outside your budget.
When it comes to getting home financing, it often helps to be proactive. Fortunately, if you meet with banks and credit unions before you launch a home search, you can determine exactly how much money you can spend on a residence.
Banks and credit unions employ friendly, knowledgeable mortgage professionals. With these mortgage experts at your side, you should have no trouble getting pre-approved for a mortgage at your convenience.
2. You discover a wide range of problems during a home inspection.
A home inspection likely will be completed in the days after a seller accepts your offer on a residence. And in some instances, an inspection may force you to reconsider whether you want to purchase a house.
If you encounter problems during a home inspection, you still have lots of options. You can ask a seller to perform assorted home repairs or reduce your offer. Or, you can walk away from a home sale and restart your home search.
For homebuyers who are worried about any problems that they encounter during a home inspection, it is paramount to look closely at all of the aforementioned options. By doing so, you can make an informed decision about whether to proceed with a home purchase or reenter the housing market.
3. You employ a real estate agent who fails to help you achieve your homebuying goals.
Many real estate agents are available in cities and towns nationwide. But if you fail to conduct an extensive search for the right real estate agent, you may struggle to accomplish your homebuying goals.
When choosing a real estate agent, you should learn about this housing market professional's industry experience. It also helps to meet face-to-face with a real estate agent and discuss your homebuying goals with him or her. This will enable you to determine whether you're comfortable working with a particular real estate agent.
Enjoy a quick, stress-free homebuying experience – consider the aforementioned worst-case homebuying scenarios, and you can minimize the risk of potential pitfalls throughout the homebuying journey.
If you’re trying to sell your home, you probably have thought of everything from staging to pricing to when the best time for your realtor to hold an open house is. What you may not have considered is the exterior color of your home. Yes, both colors inside and outside of your home can attract or detract buyers from your home.
Although it could seem silly for you to invest in a brand new exterior paint color right before you sell your home, it could result in some big returns when you head to sell the property. Below, you’ll find some of the best exterior paint colors for your home and why these colors are great in attracting buyers.
Colors That Blend In With The Natural Surroundings
This principle for color is fantastic. You have a wide range of choices in everything from a putty to a stone to shades of green. These colors all can blend in with the natural environment around your home. Depending upon what surrounds your home, the colors that you choose can vary widely. Do you have a home out in the woods? Choose a sharp shade of green or a bold shade of brown or tan. Everything from the type of foundation you have to the outer accents of the home should be considered when choosing these exterior paint colors.
Think Of The Type And Color Of The Trim You Want
If you really want white trim along the edges of your home, you should pair up that color with the base color of your home. For example, if you’re looking for a white trim, choose colors that will look good with that tone like shades of blue and gray. Remember that buyers will be attracted to complimenting colors.
Neutral Is Best
When you really can’t make up your mind when choosing an exterior paint color, always go with something neutral. This is the best way to play it safe when you’re putting your home up for sale and making changes. Buyers can always envision themselves living in a neutral colored home. It may be a bit more difficult to match the personalities of buyers with eccentric color choices.
Examples Of Attractive Exterior Paint Colors
- Light Blue
- Deep Blue
- Forest Green
- Bright Red
While no magic combination of colors is guaranteed to make your home sell fast, you’ll have a better chance of selling if the home appears pleasant from the outside in. Putting a fresh coat of paint on your home can really bring about more curb appeal, attracting buyers, possibly giving the property a bit more value. Don’t hesitate to invest a little money in your home before you sell to get the maximum return on the sale.
When you decide to sell your home, there’s a long list of things that you’ll need to do from finding a real estate agent to making repairs around the home. It’s nice to have a to-do list handy to help you figure out what you need to do and when throughout the course of the sale of your home.
Find Out The Estimated Value Of Your Home
You should do a quick search online to see what your property is valued at. Some websites even have the number of views that your property has gotten over its lifetime on the site. This will give you an idea of how much you might get for the sale of your home as well as how much interest there may be in buying the home to begin with. If you see what your, home has listed in a basic online search, you’ll be able to tell what needs to be updated when the home is actually listed by your realtor.
Get Things Fixed
If there have been issues in the home, you should work on getting them fixed. You’ll also need to know what has happened in the home over the years in order to put together a proper disclosure. Has the basement flooded? Did you face an electrical fire? All of these problems need to be listed. You can also disclose what you did to remedy the issues. The buyer has a right to know and understand that they are moving in under good conditions.
Learn About Potential Real Estate Agents
It’s so important to hire the right agent when you’re selling your home. You are getting a return on your initial investment, so you want it to be a good one! You’ll also want to know that you have someone who will be there to do home showings, process paperwork, and be your advocate throughout the process. You can contact various references that real estate agents provide and ask how they felt about the agent’s work.
Find Out How Your Home Will Be Marketed
In Today’s technology-based world, there are so many ways that a home can be marketed. This includes the use of websites, social media, open houses, video tours, and photos. Your agent should be well-versed in all of these areas, or be able to hire people who do know how to best use these areas of marketing. Every avenue that is used to get buyers for your home is beneficial to you as a seller.
Understanding the process of how a home is sold can help you to be prepared when you’re ready to sell.