Buying a home is a big step. Make the right financial moves before you begin your home-buying journey with American Legend Homes full-service lending partner Fairway Mortgage. As our trusted partner, Fairway Mortgage shares our commitment to deliver the best customer service by working to find the best options for your unique situation. National Get Smart about Credit Day, which was created to promote awareness of the importance of credit and the role it plays in all of our lives, is the perfect time to share a few simple steps to get you closer to your dream of homeownership.
1. Know before you go
It’s important to understand your credit report as you work toward financing your new American Legend home. Your unique credit reports show your bill payment history, loans, debt and more. Weekly access to your information is available at annualcreditreport.com. If you see something you don’t recognize or find to be inaccurate on your credit report, credit bureaus allow you to dispute these items online.
Remember that you likely have more than one credit score. The three main reporting agencies will be different if their information varies, so your credit score from each will be different. Additionally, lenders also use different scores for different types of loans.
2. Bring down the balances
Credit reporting agency TransUnion suggests paying down credit card balances. This can help raise your score while lowering your debt to open up the credit available to you.
If you just need to get organized, sites like NerdWallet.com or Quicken.com can help you get a full view of where your money is going.
3. Keep the status quo
Once you’ve applied with Fairway Mortgage, it’s best to avoid pursuing any new credit lines or closing your accounts. The goal is to steer clear of changes to your credit score and keep your financial status the same to show your lender you’ll stay on track with your payments.
4. Repairing the damage
Your credit report may not be in the best shape, so credit counseling could be in order. The National Foundation for Credit Counseling employs a network of nonprofit counseling agencies to help bring your financial picture into focus.
Of course you are welcome to use any lender of your choice; however, we encourage you to explore the services offered by the financial experts at Fairway Mortgage. As you move forward, the teams at American Legend Homes and Fairway Mortgage look to make your home-buying experience as seamless and stress-free as possible.