Your Credit Report
Having no credit history can be as much of a problem as
having a bad credit history. A good credit rating can help you get a loan more
easily, get better interest rates, obtain an apartment and job, or pay less for
deposits on utilities and auto insurance.
Almost
everyone could be doing more to improve his or her credit history and rating.
The first step is to find out what is in your credit report. There are three
main credit reporting agencies: Experian, Equifax, and TransUnion. These
agencies collect information about consumers’ credit and debt activities to
share with lenders, creditors, landlords, and others who wish to evaluate your
creditworthiness.
You
can receive one free copy of your credit report, from each of the three major
reporting agencies, every 12 months at www.annualcreditreport.com.
Timeline for
Buying A House
Step 1
Education –
learn as much as possible about the home buying process and the
responsibilities of homeownership. Additionally, it is highly recommended
that you contact a housing counsellor in your area for further information and
support.
Step 2
Determine how
much money you need to bring to the home purchase transaction and then
save those funds if you haven’t already.
Step 3
Shop for a
mortgage lender.
Step 4
Do we
qualify for down payment assistance?
Downpayment Assistance
Step 5
Get
pre-approved with a mortgage lender.
Step 6
Shop for a
Realtor.
Step 7
Work with the
Realtor to find properties to view that meet your criteria for a home that
would be suitable.
Step 8
Make an offer
on a home.
Step 9
Have an
inspection.
Step 10
Negotiate
with seller if necessary on any items called out in the inspection for
replacement or repair on the house. (A home inspector's job is to provide
you with an extensive list of every defect, both trivial and important, on the
property. Consult with your Realtor to decide on which items you would
like to request a replacement, repair or credit from the seller, and which are
not issues for you.)
Step 11
Be responsive
to any inquiries or requests from your realtor or lender.
Step 12
Closing –
meet with the escrow officer, either at the escrow company or with a
mobile notary, to sign the loan documents.
Step 13
Celebrate -
you own your own home!
Serving King and Pierce County: Seattle, Federal Way, Kent, Des Moines,
Renton, Burien, Auburn, Tukwila and Tacoma.
James P Hunter
Real Estate Broker
Skyline Properties INC.
jameshunter@skylineproperties.com
206-226-4166
James P Hunter
Real Estate Broker
Skyline Properties INC.
jameshunter@skylineproperties.com
206-226-4166