Buying a Home? Get A Jump On The Competition
Are you thinking about buying a home this year? Literally thousands of Atlanta families are planning a move sometime in the next 12 months. An amazing race occurs every time a new property hits the market, often with truly special homes selling within the first day or two of hitting the market. So, who tends to find premium homes at the best value?
In the home buying world there are two types of buyer: the savvy buyer who has done their homework and is ready to buy; and the unprepared buyer who receives “on the job training.” Obviously, the buer who has done their research will usually snag the best deals while the ill-prepared homebuyer will struggle to keep up.
What can you do to get a head-start on the competition in the home buying process? You will be surprised to learn how effective a minimal amount of preparation can be in getting out of the gate ahead of the competition.
Obtain copies of your credit report. Buying a home starts with making sure your finances are in order. You will be better prepared to make a strong offer on your dream home if you are confident that your financial resources are set. Most homebuyers will use a loan secured by a mortgage to pay for a new home. If you are going this route, you will want to order a copy of your credit report.
Credit reports include records of your relationships with various lenders, including credit card companies, public utilities, and mortgage lenders. Because lenders use these reports to determine your ability to repay a loan, any mistake has the potential to ruin your chances at getting a loan. And, mistakes happen often.
The three major credit agencies are
Georgia law entitles you to two free copies of your credit report from each bureau in each year. Make sure to use this free opportunity to make sure your credit history is correct. Visit http//www. annualcreditreport.com
to obtain copies of your credit report. Do not go to the web site advertised on TV where the three guys are singing a jingle about a free credit report. That credit report is not free!
Once you have the credit report in hand, read it carefully. Look for accounts appearing on the credit report that are not yours. Look for errors in reporting that an account was paid on time or paid in full. If you do find errors, you need to contact the credit agency and have the errors corrected. Go to Clark Howard, a consumer advocate and reporter, for help with the process.
Getting your credit report cleaned up is a major step toward the buying a home.