Finance/Lending

7 Easy Tips To Improve Your Credit Score- Buying A Palm Springs Home

If you are thinking about buying a Palm Springs home, needing a good credit score in order to obtain a mortgage you can afford is no real secret.  In today’s market, a score of 620 or more is necessary to obtain some loans and a higher score will help get you a better rate.  How not to hurt your score and how to improve it is most important. This article will hopefully give you a few tips.

In today’s mortgage market, a FICO score of 620 or more will get you a loan but a few miss-steps will lower it so here’s a few tips.

When planning on buying a Palm Springs home, here are a few ways to improve your credit score:

  1. Balance out your credit cards so that your charges are more evenly distributed.  This will help improve your ratios on the cards.  Your debt ratio is figured as the amount of debt you have as compared to your total credit limits on your cards.
  2. Pay down balances where possible.  Again, this will help improve your debt ratio and improve your score.
  3. Get a Free Credit Report and make sure it is accurate.  Any errors can be respired by writing to the credit reporting bureaus and  should be done before you are ready to apply for a mortgage.
  4. Keep credit inquiries to a minimum.  Each inquiry will drop your score by 5-50 points so don’t do it.  The exception to this is that shopping for a loan from various banks within a two week period will not hit your score each time so keep that time-frame in mind.
  5. Do not close any card accounts- this will actually lower your credit score by raising your debt ratio.  Sounds crazy but its true.  A zero balance is OK for your credit score.
  6. If you need credit repair- there are a lot of business out there ready to help you but some may be shady so do your homework.  Another resource would be to talk to a Loan Expert for advice.  They can refer you to a reliable resource.
  7. When buying a home in Greater Palm Springs, it is important to use a Local Lender.  Because we have numerous properties on leased land and because we have a lot of vacation rentals, they are better geared to process a loan knowing those conditions exist.

Improving your credit score takes a while and doesn’t happen over-night.  Be ready for the prospect of finding that perfect Palm Springs home for sale so that you will be able to place an offer and get the home you will love.

And most of all remember this: Once you apply for a loan, do not make any changes that will affect your credit score.  This includes making a major purchase such as buying a car.  If you need to do anything financial, call your loan person first.

Information About Buying or Selling Palm Springs Area Real Estate

 

Buying or Selling in today’s real estate market is a challenge and a process that is easily accomplished with the help of a Real Estate professional. You will need an expert who has lived in the desert and knows the lifestyle and the unique housing market.

The market in the Greater Palm Springs Area is alive and the values are exceptional for those who are looking for an ideal investment or a vacation/retirement property. We have many choices for every need, budget and amenity list.

Is to be your primary residence? We have what it takes to get you settled into a great family home in the neighborhood of your choice.

Selling your home in the Greater Palm Springs Area? I will make the experience easy, friendly and professional. Our mission is to provide outstanding service while utilizing the best practices and Internet technology available.

If you are plan to rent your new home, we have the staff partners who will assist with any project or property management while you are away from the property.

For more information on how I can best serve your Greater Palm Springs area needs, please fill out the online contact form give us a call at 760-413-2871.

I won’t just sell you a house but I WILL help you find the home you will LOVE!

 

Ron is a Greater Palm Springs Area Realtor® specializing in Palm Springs vacation homes, investment properties in Palm Springs and primary single-family Palm Springs Homes for Sale. He has the long term knowledge necessary to make the buying and selling of Greater Palm Springs Area real estate a smooth enjoyable process.

WHY DOES RON JESSER LOVE PALM SPRINGS?

Why Does Ron Jesser Love Palm Springs

 

 

Buyers

Buying A Palm Springs Home? This Is A Binding Contract And You Need To Follow A Few Guidelines

Desktop with blank paper and green pencil

Buying a Palm Springs, CA home?  This is a binding contract and if you follow a few guidelines it will ensure a smooth transaction.

Sound like a lot to do?  Not really and it’s well worth it when purchasing a Palm Springs home in today’s market that is so deeply discounted.  The rewards are phenomenal!

It’s getting to the point now that we have to define a few guidelines to our clients and to their lenders that will help save time and expedite transactions.  With all the issues arising around short sales, foreclosures and the difficulty we have with various banking rules, these points will help move things along to a smooth close.

As we proceed into this transaction, here are a few tips to help the transaction go smoothly:

  • This offer is a binding contract and any changes you may want to make to the conditions may not be possible to achieve after it’s accepted. This is especially true when it comes to changing the people listed as buyer or changing their legal names.  Many banks will not allow such changes to happen once escrow has opened.
  • You will have several choices when it comes to signing documents:
    • We will sign electronically when we are permitted by banking rules.  We will inform you when this is possible.
    • Print and sign in person at our office.  We’d love to have you visit anytime we can help with our resources here.
    • Print and sign at home.  If this is your only option, then the documents must be scanned back to us after signing as PDF files only (no JPEG). Your other option is to use a fax but the fax must be clear, legible and in some logical order. Use Staples, FEDEX or the local UPS store to fax if you do not have access to a fax machine.
  • Buyer: Do not try and change the terms of the loan or add/remove borrowers after the loan has been submitted for approval.  This will slow down the process or cause it to begin anew.  Also, do not make any major purchases or changes to your credit/banking balances unless instructed by your lender.
  • To your lender, I expect that he/she will have read the terms of the contract and are aware of any issues that may affect Underwriting so that you do not hold up the loan a few days before we need to sign Docs.  We also expect to have the loan docs to Escrow in sufficient time to sign and return them for funding.
  • Lender– If you say it’s OK to release loan contingencies before underwriting is complete, I am going to require that you put that in writing.  It will be your responsibility to your client if the loan does not fund or if delay penalties are incurred.  If you allow me to release contingencies then you change the terms of the loan, my buyer may not be able to afford the house and may lose their deposit.  That will be your responsibility to reimburse your client for any losses incurred.
  • Buyer– If you use an out of state lender, be aware that they may not have an understanding of this real estate market and they 0ay have requirements or questions that we may not be able to answer.
  • As Is- As is means just what it says…..AS IS!  That means the bank is not willing to make repairs unless specifically mentioned in the listing.  You will be allowed a full Home Inspection before you have to decide to buy and this will tell you what works and what does not or is in need of repair.  And you can always buy a Home Warranty to ensure you have a working home with major repairs covered.
  • Buyer, you may incur certain costs involved with a foreclosure such as having to turn on the gas and electric in order to have an inspection or to do re-keying if so required.  These are your charges and not mine so be ready if you want to buy this fabulous home for a 50-60% discount.
  • Other costs you may possibly incur are:
  • Septic inspections and pumping
  • Pool inspections or repairs
  • Landscaping issues
  • Various minor and major repairs
  • Appliances (may be missing)
  • If your lender has not performed it is not my responsibility.  I can only provide them with information requested and do my best to move things along (and I will help you in any way I can) but if your lender is not performing, its up to you to light the fires under him or her and get them to do their job.

Buyers please understand we take this task seriously because small mistakes can cost big bucks, delays or the loss of the deal.

Information About Buying or Selling Palm Springs Area Real Estate

 

Buying or Selling in today’s real estate market is a challenge and a process that is easily accomplished with the help of a Real Estate professional. You will need an expert who has lived in the desert and knows the lifestyle and the unique housing market.

The market in the Greater Palm Springs Area is alive and the values are exceptional for those who are looking for an ideal investment or a vacation/retirement property. We have many choices for every need, budget and amenity list.

Is to be your primary residence? We have what it takes to get you settled into a great family home in the neighborhood of your choice.

Selling your home in the Greater Palm Springs Area? I will make the experience easy, friendly and professional. Our mission is to provide outstanding service while utilizing the best practices and Internet technology available.

If you are plan to rent your new home, we have the staff partners who will assist with any project or property management while you are away from the property.

For more information on how I can best serve your Greater Palm Springs area needs, please fill out the online contact form give us a call at 760-413-2871.

I won’t just sell you a house but I WILL help you find the home you will LOVE!

 

Ron is a Greater Palm Springs Area Realtor® specializing in Palm Springs vacation homes, investment properties in Palm Springs and primary single-family Palm Springs Homes for Sale. He has the long term knowledge necessary to make the buying and selling of Greater Palm Springs Area real estate a smooth enjoyable process.

WHY DOES RON JESSER LOVE PALM SPRINGS?

Why Does Ron Jesser Love Palm Springs