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Home / Real Estate Information / Home Buyer Tips / Methods Of Improving Credit Before Buying Real Estate In MA

07.26.12 Home Buyer Tips, Mortgage Information

Methods Of Improving Credit Before Buying Real Estate In MA

There are a variety of things that you can do to prepare for buying a home. A particularly critical one is to analyze your credit scores in advance as those scores affects your mortgage options and interest rate. The following are methods of improving credit before buying real estate in MA.

Methods Of Improving Credit Before Buying Real Estate In MA

Finding Errors

Your credit score determines whether you qualify for certain financing programs, so view your credit report in advance. There are three major credit bureaus (Equifax, Experian, and Transunion). Your rating will not be the same with each one. If there are any errors, be sure to begin the process of requesting corrections immediately as it may take a long time to accomplish.

Accelerating Your Score

If your credit score is poor, work on altering it. There are different ways that you can do this. If you do not often use your credit cards, then they are not submitting anything to the credit bureaus and are therefore not helping your score. Make routine charges on your cards and pay them off promptly. This will help elevate your credit score. If your balances are high compared to your allowable limits, work on paying down each card. Note that it is more beneficial to have minimum balances across multiple cards than to have one close to its limit.

New and Old Accounts

Avoid creating new debt or eliminating credit cards. Do not make large purchases on your cards. These all will negatively affect your credit score.

By evaluating your credit score, you will have have the time to identify discrepancies. Consider the minimal techniques described in the above Methods Of Improving Credit Before Buying Real Estate In MA Keep in mind that the above are only basic tips. For personalized credit recommendations, contact a financial or mortgage professional.

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Tags: credit scores, home buying, preparing to buy

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Chris Graves

I grew up in Massachusetts, spent the majority of my young adult life in Boston, and own a home in Windham NH. I have owned properties in MA and NH. I specialize in mortgage lending in Massachusetts and New Hampshire and my company does have the ability to lend in other states. I graduated from the University of Massachusetts in Amherst Massachusetts in 2002. I have a Bachelor’s in Science. In addition to managing a team of loan officers my personal loan production is always in the top of the entire of company. I have personally been in the mortgage business for over 13 years. I pride myself with taking my clients from application to close in the smoothest and quickest way possible, while keeping them well informed during the entire process. I originate my own loans from start to finish and work hand in hand with my loan processors & underwriters to make sure I am updated to the minute with all of my files. I stay up to date with lending guidelines and speak with underwriters on a daily basis to ensure I am aware of all of the lending guidelines in place.

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Topics

  • Local Information (61)
  • Misc Topics (14)
  • Mortgage Information (118)
  • News (22)
  • Real Estate Information (176)
    • Featured Properties (2)
    • Home Buyer Tips (134)
    • Home Maintenance & Repair (12)
    • Home Seller Tips (40)
    • Market Trends (24)

Disclosure

Company NMLS 1788.
Licensed by the New Hampshire Banking Department #13092-MB.
Licensed in Massachusetts.
Licensed in Maine.
Licensed in Florida.
Lender and Broker License #MC-1788 (Not Licensed in Alaska or New York)
http://www.nmlsconsumeraccess.org
Click Here for Our Privacy Policy

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