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Improve Your Credit Score for Chester County, Pa Homebuyers!

Wednesday, May 9, 2018
by Scott Darling

The main consideration in a home-buying decision is financials. In order for a lender to see you as a good prospect, the first thing they look at is your credit score.  No one’s is perfect, and even if your score isn’t ideal, you can (and should!) take the time to improve it before you start looking at prospective homes. 

 

  • - To see what your credit score is, request a free credit report from all three reporting agencies.  Check each report for errors, and report them to both the credit bureau and company that reported it. 

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  • - If there is a legitimate collection on your credit report, pay it as soon as you can, but it will not be removed from your credit history for seven years, although it will be marked as paid. 

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  • - Old debt on your report that was paid in full and on time is better for your score than having it removed.  So if you’ve paid off an account in good standing, leave it as long as possible. 

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  • - If you have a history of keeping your payments on time, that’s great, because late payments hurt your score.  Stay current by setting reminders to mail payments before their due date, or set up automatic payments through your bank. 

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  • - Pay off your credit cards!  This is so important, because the more outstanding debt you have, the lower your score.  Pay off the smallest balance first, and the larger balances can be paid off sooner by increasing your payments, or send equal payments twice per month if the creditor allows. 

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  • - Canceling a credit card that you’re trying to pay down sounds like a great idea, but it isn’t, according to FICO™.  It’s better to simply pay off the card, and use it as minimally as possible--charging to it once a month for a take-out dinner keeps it active. 

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  • - Don’t have a credit card?  Shop around for one with a good interest rate, and apply.  Having at least one credit account in good standing is better than none at all for those who haven’t really started establishing a credit history. 

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  • - Applying for loans or credit with multiple agencies can hurt your score.  Avoid new credit accounts while you’re trying to bring your score up. 

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  • - If you are truly hurting financially, and don’t see a light at the end of the tunnel, contact a reputable credit repair agency that can assist you in getting your bills paid, manage your finances, and increase your home purchase chances. 

 

There is no hurrying when it comes to improving your credit rating, so plan on taking several months to a year to bring your score up to a number that will impress lenders.  It’s not all about the loan, it’s also about getting a good interest rate.  Much like taking up jogging to get into shape, take it slow, increase your efforts every month, and you’ll soon be showing off the results! 

Courtesy of Chester County PA Realtor Scott Darling.

Photo credit: shawsystems.com

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Saving Money For Your New Home Down Payment

Thursday, January 11, 2018
by Scott Darling

With the new year here, many people are thinking about resolutions.  If you’re seriously considering buying a new home, you’ll definitely need to be thinking about having your down payment ready when you find the perfect house.  Follow these ideas for saving as much as you possibly can. 

 

  • - First and foremost, know your house-purchasing budget, and estimate needing 20% of that budget. 

  • - Set up a hands-off down payment high-yield savings or money market account. 

  • - Start cutting out expenses, or find ways to make extra money.  Every little bit counts. 

  • - If you plan on getting an end-of-year bonus or income tax refund, set aside that money to begin your new nest’s egg. 

  • - Sign up with your employer to deposit a portion of your pay into a down payment savings account if you’re not great at putting money into savings.  Most of the time, if you don’t see it, you don’t miss it. 

  • - Receiving gifts from family members towards your down payment require documentation so your  lender, as well as the IRS, knows where the money is coming from, and that the money doesn’t require re-payment.  More information about down payment gifts are here from The Mortgage ---Reports website. 

  • - Start paying off your credit card debt by paying more than the minimum payment.  Lowering and/or eliminating your card balance also lowers your interest rates, so you can start taking what you’d normally pay on credit cards and depositing it towards your down payment fund. 

  • - If you have investments in stocks or bonds, plan on liquidating those assets when it’s time to purchase your house.  Make sure you document these sales. 

  • - A pay raise at work is great, but if you happen to get one, stay on your old budget, and have the extra pay direct deposited into your down payment account. 

  • - You can always borrow from your 401k or IRA, but make sure you’re not having to pay penalties. Talk with your account holder before you make any withdrawals. 

 

A down payment, especially at twenty percent, can look daunting.  If it just looks impossible, do your research.  There are many first-time buyer programs available, as well as lower down payment options through the USDA, the VA and state-specific programs.  Zillow has a terrific guide on low down payment guidelines and opportunities. Planning ahead and keeping your eye on your goal will get you well on the way to home ownership. 

Courtesy of Chester County PA Realtor Scott Darling.

Photo credit: finder.com.au

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Fung Shui Ideas for Your New Home

Thursday, October 12, 2017
by Scott Darling

Decorating a new home is a fun process.  Whether or not you are an experienced decorator,  you can look and feel like a pro with the aid of some fung shui.  Below are a few ideas on how to make it work for your new home.  

 

  1. 1. Many folks like to hang mirrors at their entrance way to make the space look larger and more inviting as well.  Be sure to place your mirror on a side wall as you walk in instead of directly across from the door.  This will help with the flow of things as guests enter your house.  They will be able to see themselves and feel welcomed as they arrive as opposed to feeling like they are being pushed out with their own reflection.   
     

  1. 2. Another way to make fung shui work for you  is to keep clutter to a minimum.  This is especially true in the bedroom because a bedroom is a place of rest.  If there is a lot of junk all around the room those who spend time there will likely feel a bit disheveled.  If you feel as if you don’t know enough about this topic to do the job right, you can always higher an expert to help get you started in the right direction.   
     

  1. 3. Make sure that if you want to have live plants in your home that you place them in areas where folks will be hanging out and spending quality time together.  Try not to place live plants in areas where sleep takes place such as the bedroom because you need items that give off restfulness.    
     

  1. 4. Leaving the toilet lid closed is a great, easy little trick that will help to make everyone who enters your bathroom feel good about the space.
            

  1. 5. Keeping the flooring all one type in the home helps the energy to flow freely.  Try not to use two different types of flooring butted up against one another if you can help it as this will weaken the energy of the home.   
     

  1. 6. Be sure to place your bed across from the door to the bedroom or at least at a spot where the door can be easily seen.  This will enhance the comfort level of the room as opposed to putting the bed on the same wall as the door.   

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Fung Shui is fun and interesting and it really does work to help the energy of the home  feel comfortable and welcoming.  

Courtesy of Chester County PA Realtor Scott Darling.

Photo credit: lakecountrykeys.com

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Reasons to Purchase a Home Before the End Of 2017

Tuesday, March 7, 2017
by Scott Darling

Now is the time, now is the best time, now is the best time to purchase a home.  Do yourself a favor; don’t wait to purchase your dream home until the end of 2017.  If you have even given a small thought that you might want to move in the next year or so, go ahead and begin looking now so that you might be able to make that purchase today instead of tomorrow.   A few of the reasons why you should purchase your home before the end of the year are listed below for you. 

  1.  One of the many reasons you should go ahead and purchase a home   before the end of 2017 is because interest rates are already beginning to rise.  The current average interest rate is a little above 4 percent but that rate could reach 6 percent by 2019.  Begin looking for the home of your dreams now so that you can purchase one and get moved in while the market is in your favor.
  2. Fewer homes are available as the years go on.  Just a few short years ago there were plenty of homes to choose from; however this list is getting a bit smaller yearly.   Buyers of today will have many more homes to choose from than buyers of tomorrow so get out and get house shopping now!  Call your Realtor today if purchasing a home is on your mind. 
  3. House prices are rising and will continue to rise in the future.  If there ever was a reason to go ahead and purchase a home before the end of the year, this is the one!  You just might be able to get more of a house for your money now than if you waited until later to purchase. 

Again, if purchasing a home has even been on your mind at all and you think you might want to move in the next year or so, get a jump start on your search by starting today.  It can’t hurt to start looking now because you just may be more likely to find it now than later.   Buying a home is a big deal and can cost quite a bit of money so it’s best to start looking now to find the home you have always dreamed of.  

Courtesy of Chester County PA Realtor Scott Darling.

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New Year Resolutions to Help You Purchase a Home

Thursday, January 5, 2017
by Scott Darling

 

 

 

 

 

 

 

If you are like the rest of us then just a few days ago you made a list of New Year resolutions.   Many of us however do not stick to our plan when it comes to these promises we make ourselves.  If you plan to purchase a home sometime in this New Year you need to make a few related resolutions that will likely help you to attain your goal and dream of home ownership.  Below these resolutions are listed for you. 

  1.  Stop opening credit cards.  It is easy these days especially when you are shopping, to open one credit card after the other.  If buying a home is on your to do list this year however, you need to steer clear of opening new credit cards. 
  2. Start paying your student loans on time every time.  Many times when folks get student loans they tend to think they can pay them as they can but that can mess up your credit in no time.  If someone who has good credit and shows they are good at paying bills on time every time puts a bid in on a house you have your eye on and you put a bid on that house as well, it’s likely due to their history that they will win the bid and not you. 
  3. Start paying your credit cards every month and on time.  Even if you can’t afford to pay more than just the minimum payment you need to make sure you pay your credit card each and every month.   This type of diligence will serve you well when you go to make an offer on a house.  
  4. Make sure you have a little bit of a cash reserve in your bank account at all times.  It won’t look good to a mortgage lender when you ask for a loan if you have a zero balance in your bank account. 
  5. Stick with the same job for as long as you can.  Jumping from one job to another during a year is a sure fire way to lose your chance at the home of your dreams.  Lenders want to see stability and staying with the same job for a few years will show them that. 

These New Year resolutions, if you do your best to keep them, will do their part towards helping you to purchase the home you have always dreamed about.  

Courtesy of Chester County PA Realtor Scott Darling.

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Displaying blog entries 21-25 of 25

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