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THE HOME BUYING PROCESS
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Adapted : "Pathways to HOME OWNERSHIP"

 

 

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Key Turning
**THE KEY to understanding YOUR CREDIT **

THE CREDIT BUREAUS & Obtaining a FREE ANNUAL CREDIT REPORT
You should order your credit report from any of the bureaus, but a combined report is highly recommended.  Each individual may now obtain a free report per year. AnnualCreditReport.com is the free centralizrd service for consumers to request that annual credit report. Clicking on an advertisement or any other web address may lead you to a site that will not be free to you. You may also order a free annual report (every 12 months), by calling 1-877-322-8228, or by printing and completing the Annual Credit Report Request Form on the Web Site  and mailing to: Annual Credit Report Request Service, P. O. Box 102581,Atlanta, GA 30348-5281. You will be required to provide name, address, SSNand date of birth. Other pertinent information known only to you like monthly mortgage payment, may also be required, specically for identification purposes. 
The Bureaus may report different information. It is therefore important that you review the reports very carefully.
HOW DO I CONTACT THE CREDIT BUREAUS ?
EQUIFAX     1-800-685-1111
EXPERIAN    1-888-397-3742
TRANS UNION 1-800-916-8800

Phone Console

PRE-APPROVAL
Pre-Approval uses basic information as well as electronic credit reporting. It is a true mortgage commitment. This means a commitment to financing your home, and an indication of the total mortgage amount available to you. Obtaining a pre-approval is essential in a "sellers' market" or when homes are limited.
You will have a greatly improved negotiating position when you are pre-approved for a mortgage. Sellers are more apt to negotiate with someone who already has a mortgage approval in hand. A pre-approvad buyer can also close on a property more quickly.

SIX REASONS TO GET YOUR LOAN PRE-APPROVED
* Being pre-approved for a loan before you look for a home can enhance your position as a buyer and will show the sellers just how serious you are.
*You will be in a better negotiating position, because you'll be seen as a serious "Cash Buyer".
*By knowing the amount you qualify for, you can search within the price range that suits your family's needs.
*You will avoid surprises and save time putting together documents to complete your loan request.
*You will be approved for a full 60 days, with the option to extend at no cost, and minimal paperwork.
*You will avoid that nervous wait for loan approval after you have signed the purchase agreement.

Understanding Your Credit.....          R.Scott
 
It is a fact that you need good credit to buy a home , but don't need perfect credit. When you have a good credit history, lenders feel more confident that you will be willing and able to pay the new loan.  If you don't have good credit right now, don't be discouraged.  A lender may give you a loan,  but with a larger  downpayment requirement or at a higher  rate of interest.  It may be wise to take care of any credit problems you have before you start looking for a home so you can  apply for the best interest rate possible.
 
The following is a list of the most frequently asked questions about  credit.
                                                                                                                 
What is a Credit Bureau and What does it do ?
A credit bureau is  a clearing house for credit history information. Credit grantors provide the bureau  with factual  information on how their credit customers pay their bills.  The bureau assembles this information , along with public record information into a " file" on each  customer.  In return , credit grantors can obtain credit reports about  consumers who wish to open accounts with them.    
 
What is my Credit Report ?                                                                                                                                                                                
Your credit report may contain  any of the following information about you:                                                                           
 Identifying  information- your name, current and previous address, Social Security Number, employer, date of birth.           
 Credit history, your history of paying bills with credit grantors [such as retail stores , banks,finance  companies and mortgage companies}                                                                                            
Public records- items that may affect your credit worthiness, such as tax liens , judgements, bankruptcies, etc.                       
Inquiries-lists the credit grantors and other authorized parties who have received your credit report.                                                
 
How Long Do Accounts Remain on my Credit Report ?                         
In  most cases, accounts that contain adverse information  may remain for up to  seven years from the date of first delinquency. If the accounts do not  contain adverse  information, normally the account will report ten years from the date of last activty. 
 
If I Pay Accounts, will they come off my Credit Report ?               
 Paid accounts generally remain on file for seven years from the date closed if they  contain adverse information. If the account  is paid and does not contain adverse information, the account can remain for up to ten years from date closed.                           
 
How long do public records remain on my credit report ?             
In general, civil judgments remain on your credit report for seven years  from the date filed. Tax liens remain on the file  for seven years  from the date paid.  If the tax lien  is not paid, it will remain  on the file indefinetely. Chapter 13  bankruptcies remain on file for ten years.                                                               
 
Who makes the decision to give Credit ?                                             
 Credit decisions  are made by  lenders. Each lender has its own formula for evaluating a credit application, and only  the lender  can tell you why they made a decision.  Many times. the decision  does not have anything to do with your credit report, but instead is based on things such as income, employment or length  of residence
            
How do I build good Credit History/Credit Score ?                             
 
In addition  to paying your bills  on time, you can take the following  steps to maintain your credit.
                                             
   Pay loans first, pay off credit card each month,  only apply for credit you need, charge less than the maximum available,             try to pay more than the minimum due each month,  use your credit cards  to establish good credit                  
 
How can I create a Credit History if I don't have one ?               
 
One way to begin is to  start small using the following tips:          
 1 Apply for a credit  with a local retailer, such as department stores                                                                                                       
2 Make a large down payment on a purchase and negotiate  credit payments for the balance.                                                      
3 Apply for a small loan at a bank or credit union  where you have checking  or savings accounts.                                                
4 Keep copies of bills you pay [ phone, rent, gas. insurance etc.] A record that shows at least two years of regular payments is ideal.
 
What is a Credit Score ?                                                                       
A credit score is used to predict how likely an individual is to repay a new loan.  There are many different ways to calculate a credit score.  Making payments on time is positive  for the score, while  charging the makimum amount available on a credit card is negative.  A computer adds the positive and negative points, and the resulting numbers is a credit score.                                       
 
 Why is a Score Used ?                                                                               
Creditors and lenders use the credit score because it is a fast, objective way to evaluate a credit.                                                   
The  lender may take into consideration any special reasons for your past credit problems.  Write a letter of explanation  explaining why the problem occured.  For example,  you were seriously ill, recently divorced or lost your job.  Make  a strong effort  to reduce your debt  and pay your bill on time, and let your lender know the steps you have taken to improve your credit.                                                                
                                                                                                                                                                                                   
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This Web Site is designed to provide accurate and authoritative information in regard to the subject matter covered. It is written with the understanding that the author in not engaged here in rendering legal, accounting, or other professional service. If legal or other expert assistance is required, the services of a competent attorney, accountant or professional person should be sought.
 

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3 SUGAR CREEK CENTER BLVD, SUGARLAND, TX 77478