Menu

Making the Most of Your Real Estate Agent's Expertise

About Me

Making the Most of Your Real Estate Agent's Expertise

Buying a new home is an exciting experience, but there is a lot that has to be considered if you want to make sure that your investment is a solid one. For example, while it isn’t required, it is a good idea to have your real estate agent hire an independent inspector to have prospective homes personally inspected for safety and condition before making an offer. Learning how your real estate agent can best help you before actually hiring an agent will ensure that the person you work with has the experience and ideas needed to get the results that you want. On this website, you can expect to find out how to find a great real estate agent and how you can best tap into the talents.

Tips For Buying A Home When You Don't Have Credit

30 August 2019
 Categories: Real Estate, Blog

Not everyone starts off with credit. It is something you have to obtain and then work on keeping in good standing in order to get a good credit score. It can be a complicated thing  as you need credit to get a home, but it can be hard to get credit when you don't have any to begin with. This is why you will want to spend a little time reviewing the following tips that should help you get started on the process of buying a home when you do not have any credit to speak of at this very moment.

You Will Want To Establish Some Sort Of Credit

No, you do not need to go take out a car loan or spend thousands of dollars in lines of credit from your bank, but you should have something. One good thing to start out with is a low limit credit card. Now, if you do not have a credit score when they pull up your information, you may be offered a secured credit card. This means that you have to make an initial deposit, and that will be your spending limit for the time being. Once you spend that and make some timely monthly payments, the credit card company will extend more credit to you. This will help you to establish a positive payment history and finally give you a credit score that lenders can work with.

Find A Co-Signer

Yes, the co-signer would be just as much responsible for the mortgage note as you would be. However, this can be all it takes to get you into the home of your dreams. Then, after a year or so of making your monthly mortgage payments on time, you will have established better credit and may be able to refinance the mortgage at that time. When you go to refinance the mortgage, you can then have the co-signers name removed. They will not have to worry about having their name attached to your home and loan for the next thirty years.

Now that you have had a little time to review all of that information, you will want to get the process started by taking the first step. It can seem as though it is going to be a lot of work, and it might be, but the payoff at the end will be worth it when you can pull up to your new home in the moving truck. Contact a lender, like SWE Homes, to get started.