Making the Most of Your Credit #4 - Paying Too Much For That Property
Right now the real estate market is practically begging you to buy, especially here in Chicago.
The fact is that there is no way you will be able to take advantage of the great real estate market unless you have the things that bank requires.
First you need to have an established income; this shows that you can make the monthly mortgage payments on time each month.
Many lenders will require that you make three to four times whatever the monthly bill would be.
Next you need to have a deposit for the loan.
In this case there is some help for any first time buyers in Chicago or anywhere else for that matter because the government is helping with an $8,000 check that can go towards your down payment.
This is important because you need to be able to have about 20% down from the purchase price.
Finally you need to have a good credit score that shows you are responsible about paying bills on time.
This is important not only to get approved on your loan application but because it will cost you if you have a bad score.
The average person overpays on their mortgage by $400 a month because they have a poor score.
Do the math over a 15 year loan and that can be as much as $72,000 you are wasting away.
Because of the importance of your credit score when it comes to buying a new house, and the small window of time where great deals are still available, you need to act fast and fix your score.
The best way to do so is by getting a credit repair company that can do the job.
Most of them can fix a score in a matter of weeks regardless of the reason it was lowered.
Credit repair is also great because it is effective, does not require much of your time, and it also is very affordable.
By David George
The fact is that there is no way you will be able to take advantage of the great real estate market unless you have the things that bank requires.
First you need to have an established income; this shows that you can make the monthly mortgage payments on time each month.
Many lenders will require that you make three to four times whatever the monthly bill would be.
Next you need to have a deposit for the loan.
In this case there is some help for any first time buyers in Chicago or anywhere else for that matter because the government is helping with an $8,000 check that can go towards your down payment.
This is important because you need to be able to have about 20% down from the purchase price.
Finally you need to have a good credit score that shows you are responsible about paying bills on time.
This is important not only to get approved on your loan application but because it will cost you if you have a bad score.
The average person overpays on their mortgage by $400 a month because they have a poor score.
Do the math over a 15 year loan and that can be as much as $72,000 you are wasting away.
Because of the importance of your credit score when it comes to buying a new house, and the small window of time where great deals are still available, you need to act fast and fix your score.
The best way to do so is by getting a credit repair company that can do the job.
Most of them can fix a score in a matter of weeks regardless of the reason it was lowered.
Credit repair is also great because it is effective, does not require much of your time, and it also is very affordable.
By David George
