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Looking To Purchase A Home? Know Your Credit Score

Looking To Purchase A Home? Know Your Credit Score | Realty Solutions Group

Getting your credit score or a recent copy of your credit report is one of the first steps toward knowing how ready you are to begin the home buying process.

It is important that all of the information listed on your report is accurate and work to correct any mistakes. The higher your credit score, the more likely you will be to get a better interest rate for your mortgage, which will turn into more ‘home for your money.’

A lot of people looking to purchase a home believe that they need a 750 FICO® Score or higher to make that kind of investment. The fact is that according to Ellie Mae’s Origination Report, over 53% of loans were approved with a FICO® score under 750 last month!

Here are some tips for raising your credit score:

  • Make payments, including rent, credit cards, and car loans, on time.
  • Keep your spending to no more than 30% of your limit on credit cards.
  • Pay down high-balance credit cards to lower balances, and consider balance transfers to free up credit.
  • Check for errors on your credit report and work toward fixing them.
  • Shop for mortgage rates within a 30-day period — too many spread-out inquiries can lower your score.
  • Work with a credit counselor or a lender to improve your score.

When you know your score, your next step will be finding a lender and getting pre-approved for a mortgage. Getting this done will ensure that you know your budget before you start looking for your dream home.

Realty Solutions Group was built around a simple but elusive concept: provide brokers and clients with the highest level of service in the industry through cutting-edge sales, marketing programs and a culture that values innovation, relationships and a strong local focus.

In less than 5 years, Realty Solutions Group is among the top independent brokerage firms in S/E Wisconsin.

As a locally-owned, independent company, Realty Solutions Group is deeply committed to supporting the communities and clients we serve. We are constantly evolving, but remain focused on that one simple idea behind our founding.

We are a full service brokerage with discounted commissions. We offer no long term listing contracts, a Performance Guarantee, Smart Seller Program and a Communication Guarantee. Contact us today and let us provide you with the very best real estate experience.

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