Friday, February 20, 2009

Planning to Buy? - Things to Do

Many wanna-be buyers are being turned down for loans because of low credit scores or lack of down payment money. There are a few things you can do to gear up to get qualified for a mortgage.

1. Check out your credit history at www.annualcreditreport.com. What you don't know may hurt you.

2. Pay down debt and clean up any questionable accounts.

3. Start saving. A minimum of 3.5% will be required for a down payment on a loan.


Also, it is important to talk to a mortgage loan officer for some great advice. Often, a qualified mortgage officer can offer free advice about what accounts are dragging down your credit and explain how to raise your score.

If you need a referral for loan advice, contact Realtor Michelle Sloan.

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