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:
- 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.
- Pay down balances where possible. Again, this will help improve your debt ratio and improve your score.
- 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.
- 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.
- 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.
- 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.
- 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?