The first step in buying a house is to get your finances in order. Get a free copy of your credit report at http://www.annualcreditreport.com. Credit scores range between 200 and 800, with scores above 620 considered desirable for getting a mortgage. According to the National Association of Realtors, five factors determine your credit score:
1. Your payment history - whether you paid your credit card obligations on time.
2. How much you owe.
3.The length of your credit history - the longer, the better.
4. How much new credit you have - new credit is considered riskier.
5. The types of credit you use - it's better to have more than one type of credit- installment loans, credit cards and a mortgage, for example.
Get prequalified by a lender before you start looking for a home. Determine how much available money you have to cover your downpayment and closing costs. Then start looking! Go to http://www.TrumbullAreaRealEstate.com to set up a custom search of the MLS. When you're ready to see homes, contact me...I'd be happy to help!
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