subject: Fix Credit Score To Have Loan For Your Natomas Real Estate [print this page] As you intend to (finally) make the jump in the housing market, perhaps in Natomas real estate; you should think of getting pre-approved for a mortgage first before engaging in such an endeavor. As you should know, this will be the most selling-point when negotiation time comes with the seller/s and/or their listing agent. But to have that seal of approval from your chosen lender, you should know that FICO score should be high, lest, credible enough to pass their lending requirements or standards.
According to the invaluable Wikipedia, the FICO/credit score is a number representing the credit worthiness of a person, the likelihood that person will pay his/her debts. That said, this will be every buyers ticket for their loan to get approved, and their chance to realize their dream to have a decent home. Furthermore, this is calculated statistically, with the information from the applicant cum borrowers credit files such as debt, credit card accounts and expenses.
Today, what is considered high or good enough for lenders are scores from 650 to 850. Those who fall below 650 or 620 might find it harder to get a good mortgage rate, or inevitably, to have financing at all. But home buyers, like those of Natomas homes for sale, take heart! There are simple ways to improve your credit score:
1. Pay your bills on time.
With the economic downturn, this seems harder now to accomplish by many home buyers. If youre experiencing this kind of dilemma, you might as well sit down with your lender and be honest about it. Ask them for assistance as well, seeking advice and asking if they have programs to prevent your bills to be sent to collections.
2. Resist the temptation of opening a new credit account.
With the house you intend to buy being a hefty expense, dont add another big purchase or even plan on applying for another loan. This can abrupt your mortgage application for your chosen property, such as in Natomas real estate; or, if you luckily get approved, you will be given a higher interest rate though.
3. Pay your credit card dues.
The more balances you accumulate in your credit card/s, the thinner your chances of locking in a good mortgage interest rate. If you cant keep your balances, you might as well try not to spend or incur more debt on your credit cards.
4. Regularly check your credit report.
You should look into your report occasionally, scrutinizing it for wrong entries and miscalculations. This does happens; and when this mistake is done to you, report this to those concerned at once perhaps to the credit bureau or those who issued wrong information about you.
