Found 2 blog entries tagged as tips.

Five New Year's Resolutions for First-Time Homebuyers

Resolution #1: Work on Your Credit Score

Your credit score can significantly affect how much you'll pay for your home, the amount you must put down up front, and whether you'll qualify for a mortgage. A conventional loan requires a minimum credit score of 620, while a USDA loan might require a score of 640. A score of 580 can get you an FHA loan at 3.5 percent down, but a lower score could force you to make a downpayment of 10 percent or more.

You can raise your credit score by paying down debt, making monthly payments on time, and not opening new credit accounts or closing current ones. You also want to avoid applying for anything that requires a credit check (also known as a “hard inquiry”…

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The housing market was red hot for months. Mortgage rates were low and the competition for homes was fierce, with many people paying far above the asking price. Buyers were snapping up homes within hours of being listed, leaving many frustrated in their continuous search.

Usually, low-interest rates signal that it’s prime time to buy, but in 2021, the rates exacerbated the intense competition, and other factors made the housing market tough, especially for millennial buyers. Many in this group have been waiting to purchase their own home for years,  only to be delayed by factors such as savings and low housing inventory.

Some of these buyers may find relief in the current changing market conditions. Rising interest rates, a larger level of…

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