When you are in a good enough place financially to purchase a home, it can be a very exciting time. Owning a home is a huge step, and a goal in many people’s lives. Before you can begin looking into Mortgages in Carson City, there are certain things that you should get in order first.
Figure Out How Much You Can Afford
Before you start shopping around for mortgages, you should figure out how much money you can afford to pay for your home. You should figure out what you spend on monthly bills, and subtract that from the amount of money that you make. It is important to consider other costs into the equation, such as the down payment, closing costs, and inspection fees.
Check Your Credit Score
Companies who specialize in Mortgages in Carson City go by your credit score. The higher your credit score, the lower interest rate you will qualify for. If your credit score is on the low side, it might be a good idea to clean up your credit report before applying for a mortgage.
View Your Credit Report
It is not unusual for a person’s credit score to be low, due to errors on the report. Before applying for mortgages, you should get a copy of your credit report, and make sure that there are no errors. One error on your credit report can end up costing you thousands of dollars in interest fees.
Protect Your Credit Reputation
Once your credit is in order, it is important to keep it that way. There are a few things that you should do to protect your credit score.
* Do not let anyone pull your credit report.
* Do not apply for new credit.
* Do not close out any accounts, or pay them down to zero.
* Do not purchase a carl
* Do not make any large purchases.
* Do not make purchases on your credit card which are 25% of the limit.
When you have your credit in order, and are prepared to keep it there, the professionals at Great Basin Federal Credit Union can help you get a mortgage at a great rate.