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Realize Your Dream of Becoming a Homeowner

Jamohl DeWald — Fri, 08 Sep 2023 18:11:27 +0000

Let’s go beyond dreaming and start scheming! As your helpful real estate agents, we’re here to turn your new home hopes into a successful blueprint. Together, we’ll bring your vision to life. Below we go over some tips to help you realize your dream of becoming a homeowner.

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Becoming a homeowner is a cherished dream for many, and with the right strategy, it’s attainable. To realize your dream of homeownership, follow these tips.

Firstly, it’s crucial to save diligently for a down payment. Lenders generally require 3-5% of the home’s purchase price upfront, so having savings is key.

Next, improve your credit score.

A good credit score is crucial when buying a home for several reasons:

Loan Eligibility: A high credit score increases your chances of being approved for a mortgage. Lenders use your credit score to assess your creditworthiness, and a good score demonstrates your ability to manage debt responsibly.
Lower Interest Rates: With a good credit score, you’re more likely to qualify for lower interest rates on your mortgage. This can translate into significant savings over the life of your loan, making homeownership more affordable.
Higher Loan Amounts: A strong credit score can enable you to secure a larger loan amount. This flexibility can help you afford a home in a better neighborhood or with more desirable features.
Favorable Terms: Lenders may offer you more favorable loan terms, such as lower down payment requirements and reduced closing costs, when your credit score is high. This can make homeownership more accessible and affordable.
Insurance Rates: Some homeowners insurance companies consider your credit score when determining your premiums. A good credit score may help you secure lower insurance rates, further reducing your overall homeownership costs.

Third, research mortgage options. Different lenders offer various loan products, so compare rates, terms, and fees to find the best fit for your financial situation. We got a guy!

Additionally, seek out grants or assistance programs, which can provide financial support or lower down payment requirements for qualified buyers.

Furthermore, work with a real estate agent who specializes in your desired location and working with first time home buyers. Their expertise can help you find the right property at the right price.

Lastly, be patient and persistent. The journey to homeownership can be challenging, but with determination and patience, you’ll be one step closer to making your dream a reality.

Start your homesearch today!

#JDPDXRealEstate #homebuyer #FirstTimeHomeBuyer #dreamhome #realestate #realtor #realestateagent

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How To Successfully Invest In Real Estate

Jamohl DeWald — Tue, 06 Nov 2018 00:43:03 +0000

If you’ve been thinking about investing in real estate, getting your finances in order before you start searching for properties and scheduling appointments will save you from money headaches in the long run.

Real estate investments could be one of your largest investments, and unless you have cash ready to invest, you’ll need a plan for financing and a plan for cash flow in the future. Here’s what you need to do before heading out to shop for an investment property:

5 Essential Financial Steps To Take Before Investing In Real Estate

1) Have A Financing Plan

If you have strong credit, consistent W-2 income, and a sizeable down payment, traditional financing could be your best option for your first real estate investment since interest rates are typically low and the terms are attractive. Figure out how much you can afford based on your current expenses, and how much cash you’ll need to have on hand for renovations and upgrades. Make sure you know where your liquid funds will come from to improve your chances of landing a good deal.

2) Review Your Credit Report

Request a copy of your credit report through one of the credit bureaus and make sure you dispute any errors or provide an explanation for any derogatory issues or late payments. Keep your credit score from slipping by avoiding any new credit inquiries, canceling any credit accounts, or lowering your limits with any creditors.

3) Get A Mortgage Pre-Approval

With an approved mortgage in hand, most lenders will lock in an interest rate, so if rates fluctuate upwards while you’re searching for the perfect investment property, you can relax knowing that your rate isn’t going to change. To get pre-approved for a mortgage, you’ll need to have the following in order:

Personal documents: Two forms of government-issued ID, your social security number, as well as proof of ownership of other property, including your primary residence or other investment properties.
Tax returns: For the previous year, and potentially for the last two years.
Proof of income: W2s, paycheck stubs, 1099s, or if you’re self-employed, a year-to-date profit and loss statement.
Proof of assets: Bank statements, 401Ks, IRAs, and money held in stocks or mutual funds.
Summary of all debt: Primary property loan(s), credit card balances, student loans, and all monthly payment amounts.

https://yourportlandrealtor.com/is-your-financial-expert-working-in-your-best-interest/

4) Stay Competitive By Doing Your Research

Just because your financing is approved, doesn’t mean you’re ready to start shopping. Do some comparison shopping and contact other lenders to see what kind of an interest rate they can offer. A few percentage points might not seem significant, but can save tens of thousands or more over the lifetime of a loan and affect your monthly cash flow. Consider checking with a bank other than the one you bank with; they might be very likely to be more competitive to win new business.

5) Cash Funds

Based on your financing plan, you’ll have figured out how much cash you need to have in hand for a down payment and closing costs. Also factor in how much cash you’ll need for renovations or repairs if the properties you’ll be considering aren’t turn-key. Consider your cash flow from month to month to make sure you’re not projecting negative cash flow. Or if you are, that you have a backup source of cash such as drawing from your personal accounts.

The goal of real estate investing is usually to make money. Keep your original goals in mind, and do your homework to help position yourself to enjoy the financial returns from real estate investing.

This Is How Refinancing Your Home Works

Additional Resources

5 Smart Tips For Buying An Investment Property – Via Paul Sian

Arm Yourself With Helpful Info Before Buying Investment Properties – Via Petra Norris

Landlord Tax Deductions: What Every Landlord Should Know – Via Joe Boylan

13 First Time Home Buyer Mistakes To Avoid – Via Luke Skar

7 Things To Know About Buying Rental Property – Via Lynn Pineda

How To Budget When Buying A Home – Via Eileen Anderson

About Jamohl DeWald

My philosophy is simple: clients come first. I pledge to be in constant communication with my clients, keeping them fully informed throughout the entire buying or selling process. If you’re not left with an amazing experience, I haven’t done my job. Success is not measured through achievements or awards but through the satisfaction and repeat/referral business of my clients. My goal is to be your top realtor choice when it comes to buying or selling real estate. Having spent most of my life in Portland, OR., living in Northeast, Southeast, Bethany, Hillsboro, Beaverton, downtown, St. Johns, Clackamas and West Linn, I’m very knowledgeable of the many different neighborhoods our city has to offer.

The post How To Successfully Invest In Real Estate appeared first on JD PDX Real Estate | Your Portland Realtor.

11 Of The Best Home Buying Tips

Jamohl DeWald — Mon, 27 Aug 2018 13:32:43 +0000

11 Tips For Buying A Home

Buying a house whether it’s your first or fifth — can be a bumpy process. Between the financing, the availability (or scarcity) of homes on the market in your price range that meet your needs, the offer process, the appraisal and the inspection, there’s a lot that can go wrong between deciding that you are in the market for a new home and turning the keys for the first time in your new front door.

But there’s a lot that buyers can do to make the process smoother. Here are eleven tips.

Your finances

1. Check your own credit

Your credit will play a huge part in what types of loans you may qualify for.

You may or may not be able to change your income at the moment or be able to save a 20% down payment on a home. But you can always work on improving your credit score! Get copy of your credit report and verify that it is accurate. Get all errors and inaccuracies corrected. Your lender can tell you which payments to prioritize and what to do to help improve your credit score.

2. Research Home sale prices in your area

It’s always a good idea to research the neighborhoods you are thinking about buying a home in. Check on active homes, pending and sold sales. What are the average days on the market and average sold price? At this point it’s a good idea to speak to a real estate expert. As a home buyer an agents services are FREE to you! A real estate agent can help guide and advise you on the details of a specific neighborhood. An agent can also help with the pre-approval process, along with other questions about the costs of homeownership like maintenance/repair costs.

3. The down payment

Most first time home buyers can’t afford to put 20% down payment on a home. In this case, you will end up having to pay PMI (private mortgage insurance) on your home loan.

There are a number of down payment programs that will help you secure some or all of your down payment. Start with downpaymentresource.com to see what’s available in your area for your demographic. Check here Portland Metro Area Down Payment Options

4. The costs of owning/buying a home

Along with your PMI insurance, you will have things like property taxes & homeowners insurance. Depending on where you buy you may also have to carry flood insurance. Don’t forget about closing costs, new furniture needed to decorate your home, lawn mower and gardening tools you may not have ever needed before along with the costs of maintaining your home. Your real estate agent should be able to help advise what to expect as far as home maintenance.

5. What can you afford?

The experts say to not to spend more than 1/3 of your monthly income on your mortgage payment (including insurance, taxes and other costs).

A mortgage broker can help you with any questions you may have. The pre approval process takes some work on your part but it’s pretty painless really. You can expect to have to provide taxes for the last 2 years, bank statements, credit report, check stubs etc. in order to complete your pre approval. In a seller’s market which most of the US is in you will definitely need your pre approval in hand BEFORE you start shopping for a home.

The home search

6. Wants VS needs?

After you have gone through the pre-approval process, you can now start to make your wants & needs list in a home. If you have a dog, then a condo in the city that doesn’t allow pets probably isn’t a great option for you. But, a single family home with a fenced backyard would be a great fit for you! Again, this is an area where an experienced local real estate agent can help you find your dream home.

Keep in mind your wants and needs might change over time. Expect to be in your home for at least a couple of years. The average time is 7 years. You may not have kids now, but if you’re planning on having children, then it’s a good idea to consider school districts as well.

7. What are your dealbreakers

Dealbreakers are important. There is a difference between dislikes (paint color) and dealbreakers (no yard). Dislikes can more than likely be changed or dealt with, dealbreakers can’t.

An experienced real estate agent can help guide you with these decisions. Your realtor can also help you take care of any of those dislikes before you move into your new home.

8. Home search

One tool that real estate agents have that the general public doesn’t, is access to the local multiple listing service (MLS). Once you understand your must-haves and your dealbreakers, your real estate agent can set up a personalized alert anytime a home that meets your exact criteria is listed on the market. In a hot sellers market this is still the BEST tool to get new home alerts instantly and far more accurate than Zillow or Redfin.

The offer & closing

9. Think competitive but reasonable

No buyer likes a bidding war, but you’ll want to make an offer that the seller will consider competitive. At the same time, you don’t want to pay more when the seller would possibly accept less. An experienced real estate agent can help you determine an offer that’s a good deal for you and priced high enough to capture the seller’s attention as well.

There are concessions you can make to sweeten the deal. Such as, selecting a close date that best suits the seller, offering the seller free rent back if they need extra time to relocate or offering to split the price of any necessary repairs discovered in the inspection. Your real estate agent can walk you through your options.

10. Inspections

The home inspection is a very important step in the home buying process. Make sure you and your agent are present for the inspection and listen carefully to any concerns that they may have about the property. Ask questions about common problems that the inspector sees in the home. After the inspection, you will have a good idea of what you will ask the seller to repair and what you’re okay taking on yourself.

11. Beyond closing

It’s a good idea to keep tabs on the market in at least a casual way so that when the time comes to renew your homeowners’ insurance policy, you have a clear idea of whether you’re underinsured or not. Obviously, the better you maintain your home while you live in it, the less chance that you’ll be surprised by something you must fix at the inspection when the time comes to sell it. Check here for a free “Home Maintenance” scheduler.

More helpful home buyer resources

Blockchain real estate selling property is getting easier – This article originally posted at Coincentral.com

Buying Etiquette 101 | Rules to Follow When Buying a Home – Via Michelle Gibson

10 Steps to Buying Your Home | Home Buying Checklist – Via Sharon Paxson

15 Steps to Home | What First Time Home Buyers Need to Know – Via Eileen Anderson

What You Wish You Had Known Before Buying A home – Via Lynn Pineda

14 Steps to Buying a House – A Complete Guide For Home Buyers – Via Kyle Hiscock

First Time Home Buyer Guide | The Home Buying Process Explained – Via Luke Skar

Small Down Payment Doesn’t Mean The Buyer is Not Qualified – Via Bill Gassett

What To Expect From Your Realtor As A First Time Home Buyer

Your realtor can remain a valuable resource for you by providing market statistics and connecting you with local contractors who can fix any issues you encounter in your new era as a homeowner. Looking for an excellent local Portland contractor? Check here

About Jamohl Dewald

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4 Proven Useful & Practical Tips For Financing Your First Home

Jamohl DeWald — Tue, 24 Jul 2018 15:18:21 +0000

4 Outstanding Quality Tips For Financing Your First Home

Are you thinking about buying a home this year? Are you slightly overwhelmed by the whole process? Are you not sure where to start and who to speak to? No worries, you are not alone! In this article, I will share with you a few things to consider and make the path to homeownership an easier one when you decide that you are ready to buy a home.

It’s a good idea to fully understand the home loan process. If you’re thinking about buying a home this year, use these 4 tips to optimize your opportunity.

Credit-Check

Do you know what your credit score is? Do you have any credit? Do you have battered credit? This is step number one in the pre-approval process. It’s a good idea to pull a copy of your credit report and look it over for any errors or inaccuracies. This is the time to start working on fixing those inaccuracies that you find. It would also be a good time to speak to a credit repair expert or your local mortgage broker for advice. They can advise you which outstanding debts to tackle first and what type of account you should open to help build credit if you don’t have any/enough.

Your credit score will have a direct impact on your mortgage loan rate and what types of loans you can qualify for. If you have been procrastinating and thinking your battered credit will just go away on it’s own, it’s time to change that mindset and deal with it head on!

Save-Down Payment

While experts may advise putting 20% of the total sales price down, in today’s world the average first time home buyer puts down about 3 to 5%. 20% down is just not possible for most when it comes to their first home purchase. There are programs out there that don’t require any money down or as little as 3-5% down depending on your credit and where you plan to buy a home (Check with your local lender or mortgage broker for loan options available to you in your area) There are all types of down payment assistant programs out there from grants, to non-profit organizations that can help you as well.

More than likely, there will be expenses beyond just your down payment. These can include, closing costs, mortgage insurance (if less than 20% is put down), homeowners insurance, flood insurance , negotiated repairs needed to the home, and let’s not forget the move itself! It is in your best interest to save as much money as possible before you start the pre-approval process. When you have a few months of mortage payments saved it can lead to more flexibility from the lenders.

Pre Approval

Now that you have gotten your credit cleaned up and all inaccuracies removed, saved up some money for closing costs and down payment, it is time to get your home loan pre-approval done. With inventory at an all time low in most areas of the United States, it is also still a seller’s market in most areas. You must have a pre-approval in hand, not a pre-qualification when you decide to offer on a home in today’s market. A pre-qualification is just that…that means you have spoken to a lender and told them how much you make etc, whereas a pre-approval means that a lender has verified the things that you have said on the phone and have documentation to back it up. A pre-approval is much stronger than a pre-qualification. A pre-qualification is barely worth the paper it’s written on.

Ultimately getting pre-approved for a home loan will save you and your realtor time because you will know exactly what you can afford. It also shows the home seller that you are serious and that you have done the work needed in order to be able to perform on your end of the loan.

The Offer-Agent

This part of the transaction can be overwhelming and stressful. You don’t want to offer too high and over pay for the home but you also don’t want to offer too low and not have your offer considered.

You can do your own research online to get an idea of the market activity around the home you want to offer on. How quickly do homes sell in that area, do most homes end up closing over the ask price? Are there a lot of homes available around this one and similar, is there no inventory around it? These are all things that an experienced realtor will be able to advise you on and help you figure out a fair offer price that will give you the best chance of getting your offer accepted.

Buying a home can be a stressful process whether it’s your first home or third. Between, the loan process, homes search process, offer, inspections, negotiations, appraisal there are a lot of things that can go wrong! But if you take advantage of these 4 tips, they can definitely help you on the path to homeownership. Check this article called “First Time Home Buyer & How to Prepare to be a Homeowner” for more first time home buyer help.

About the author:

Our philosophy is simple: clients come first. we pledge to be in constant communication with my clients, keeping them fully informed throughout the entire buying or selling process. If you’re not left with an amazing experience, we haven’t done our job. Success is not measured through achievements or awards but through the satisfaction and repeat/referral business of our clients. Our goal is to be your top realtor choice when it comes to buying or selling real estate. Having spent most of our lives in Portland, OR., living in Northeast, Southeast, Bethany, Hillsboro, Beaverton, downtown, St. Johns, Clackamas and West Linn, we're very knowledgeable of the many different neighborhoods our city has to offer.

The post 4 Proven Useful & Practical Tips For Financing Your First Home appeared first on JD PDX Real Estate | Your Portland Realtor.

First Time Home Buyer & How to Prepare to be a Homeowner

Jamohl DeWald — Mon, 25 Jun 2018 15:11:24 +0000

First Time Home Buyer & How to Prepare to be a Homeowner

What do you want?

When it comes to buying a home you have several choices, you can buy a condo, an apartment, a single family home or a duplex, for example. The first step would be to figure out which one of these makes the most sense for your situation or family.

Do you want to be close to work, schools? Is walkability important to you? What kinds of amenities are nearby? What’s the commute like, and is public transportation close?

Once you’ve figured out the type of home and where you would like to live, then it is time to start thinking about your dream home and it’s finishes, like the size of the home, size of the back yard, how many bedrooms you need etc.

Some of those preferences will be just that, and some will be dealbreakers. If you have a large dog or children, you may find a good sized backyard on your “must have” list. You will be suprised at how that “must have” list can change once you start looking and see what’s on the market and available at your price point. While it is good to know what you want, you must be willing to compromise and adjust the “must have” list as you search for a home.

It’s best to keep an open mind and be flexible. Even if you have a friend that lives in the neighborhood you are looking at, now would be a good time to find a local realtor. They help people just like you every day and they may even know of pocket listings not on the market yet that match your search criteria. A realtor can also get you information on costs to update/change the home to meet your current needs as well.

Are you financially prepared?

This would be one of the reasons you would want to talk to a real estate agent early in the process. There are a lot of things that you can do to help get on the right path to homeownership. Most of this should happen before you even start to look for your dream home.

If you aren’t already connected with a mortgage broker, start here. Mortgage brokers are experts in the different types of loans available to you and finding the best loan for your needs.

Credit:If you need to do a little work on your credit before you can qualify for the loan, a mortgage broker or your realtor can also help you with some recommendations and tools available to you for credit repair.

Depending on your age, where you live, or if you’re a first time home buyer, you might be eligible for free money that can only be applied toward a down payment or closing costs on a home. Some programs supporting responsible homeownership require you to attend a few classes about buying a home and how to pay off a home loan. Not only will you learn some things about home ownership, It will be worth your time get up to a few thousand dollars for free, to help with your down payment or closing costs.

When you feel that you have your down payment, credit in order and are ready to buy a home, ask your lender to get your pre approval in order. This will give you the best chance to get your offer accepted if you find a home that you love instead of waiting for the lender approval. In this hot sellers market (most markets) you will want to definitely have your pre approval in hand and ready to submit with any offer you make… and you’ve already done the work, so you might as well give yourself the best chance possible of getting your offer accepted.

What can you afford?

Financial experts recommend not spending more than 30% of your total monthly income on housing.

Your mortgage payment will cover the cost of the home, interest on the mortgage loan, homeowners’ insurance, and property taxes. Depending on the size of your down payment (under 20% downpayment), you may also need to pay private mortgage insurance (PMI) on your loan.

Property tax information can be found in most listings or provided by your realtor. Taxes are calculated as a percentage of the home’s value, so property tax can go up or down depending on the housing market.

A local insurance agent can also give you a good idea of what you’ll be paying for homeowners’ insurance. You should be able to save some money by combining all your policies under one company (home, auto, loan) The home could need other insurance, like flood or earthquake insurance (flood insurance is required on some homes).

The mortgage interest rate is going to depend on a few factors; your current credit score and the current mortgage rates. A mortgage lender can help you figure out what your current options might be and may even offer suggestions for how to improve your credit score to get a better rate while you’re saving up for your down payment.

Down Payment:

Don’t forget that whatever you have saved will be applied to the home sale amount. So, if the home you want to buy costs $300,000 and you have $60,000 (20%) to put down on the home, then you’ll be borrowing $240,000 from the lender instead of the full $300,000.

There are online calculators that can help you assess some of these factors, but again, it’s smart to talk to a real estate agent. An agent can also refer you to a local insurance agent and mortgage broker so you can start figuring out what you need to do to become a homeowner.

How do you make the best offer possible?

It can be deflating after taking all these steps to home ownership and have your offer rejected or find out you were just simply outbid.

This is where a real estate agent becomes truly valuable in the process; they’ve seen offers that were accepted and offers that were not, and they do this every day. There are all kinds of do’s and dont’s when it comes to getting an offer accepeted in a sellers market: Check Michelle Gibson’s article HERE for more tips.

A good real estate agent will be able to advise you of the best terms possible to get your offer accepted.

Once you can answer these questions confidently, it’s time to start searching for a home. You will be set to put your best foot forward and be on the path to home ownership!

More Helpful Tips:

5 Reasons Why A Buyers Full Price Offer Was Rejected – Via Michelle Gibson

What is Dual Agency: Why Buyers & Sellers Should Avoid it – Via Bill Gassett

10 Biggest Mortgage Mistakes First-Time Home Buyers Make – Via Xavier De Buck

8 First Time Home Buyer Mistakes to Avoid – Via Sharon Paxson

The Best Homeowners Insurance – Via Reviews.com

About the author

My philosophy is simple: clients come first. I pledge to be in constant communication with my clients, keeping them fully informed throughout the entire buying or selling process. I believe that if you’re not left with an amazing experience, I haven’t done my job. I don’t measure success through achievements or awards but through the satisfaction and repeat/referral business of my clients and becoming your top realtor choice when it comes to buying or selling real estate. Having spent most of my life in Portland living in Northeast, Southeast, Bethany, Hillsboro, Beaverton, downtown and St. Johns, I’m very knowledgeable of the many different neighborhoods and surrounding areas our city has to offer.

The post First Time Home Buyer & How to Prepare to be a Homeowner appeared first on JD PDX Real Estate | Your Portland Realtor.

What You Need To Know About A Home Equity Line Of Credit

Jamohl DeWald — Fri, 30 Mar 2018 14:14:36 +0000

Home equity loan

A home equity loan, like a second mortgage, lets you tap up to about 80% of the appraised value of your home, minus your current mortgage balance. But because it is set up as a line of credit, you will not be charged interest until you actually make a withdrawal against the loan, although you will be responsible for paying closing costs.

The withdrawals can be made gradually as you begin to pay contractors and suppliers for handling your remodeling project.

The interest rates on these loans are usually variable. Of particular importance: make sure you understand the terms of the loan. If, for example, your loan requires that you pay interest only for the life of the loan, you will have to pay back the full amount borrowed at the end of the loan period or risk losing your home.

Get Pre-Approved Today!

The post What You Need To Know About A Home Equity Line Of Credit appeared first on JD PDX Real Estate | Your Portland Realtor.

1st Time Home Buyers Financing With Poor Credit

Jamohl DeWald — Sun, 18 Feb 2018 04:07:36 +0000

1st time home buyers, if your credit is shaky, the safest bet for buying a home is to save and wait for your finances to firm up. That said, you have other options when it comes buyers financing. Here are four of them:

Get a co-signer.

If you’re fortunate enough to have a close friend or relative with good credit and enough cash, you can opt for a co-signer loan. In this arrangement, the interest rate and approval are determined by the credit score of the co-signer, which means you could get a loan you otherwise wouldn’t have access to.

Use bankruptcy to your advantage.

Bankruptcy has negative associations for obvious reasons, but it also offers the possibility of a new start. After you file for bankruptcy, lenders will focus less on your credit score and more on the rest of your financial profile: your income, your ability to pay your bills on time, and your ability make a down payment. Save your money, pay your bills consistently, and keep a steady job. Bad credit or no, you’ll likely qualify for a traditional loan after a year or two.

Get an interest-only loan.

Interest-only loans allow you to pay only the interest on the loan until you have a regular income to start settling the principal. This is a great option if you expect to earn a lot more in the next few years, or if your income is mostly in the form of infrequent commissions or bonuses.

Ask the government.
The Federal Housing Administration has sponsored programs that offer loans with very low interest. In the FHA’s 203(b) program for first-time homebuyers, for instance, your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan. FHA loans may not take credit ratings into account as long as you have a regular income that can ensure consistent payment.

1st time home buyers looking for more options? If you haven’t inquired recently, your credit score may not be as low as you think. Your best option is to consult with a real estate pro for guidance you towards the best goals and resources for buying your dream home.

If you have low credit and are looking into buying a Portland Metro Area home, contact your trusted agent for some standard information on lending in the Beaverton & Portland area and recommendations for local lenders.

The post 1st Time Home Buyers Financing With Poor Credit appeared first on JD PDX Real Estate | Your Portland Realtor.

Who’s Checking Your Credit

Jamohl DeWald — Mon, 29 Jan 2018 21:20:41 +0000

Consumers underestimate the impact of credit scores – and a significant amount don’t even know that credit scores are used by non-creditors. You should always know who’s checking your credit.

Only half of consumers know when lenders are required to inform borrowers of their use of credit scores:

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4 Easy Simple Steps to Boost Your Credit Score

Jamohl DeWald — Sun, 26 Nov 2017 18:17:02 +0000

Improving your credit score can sometimes be a lengthy project. But, consumer advisor Brian Acton tells Yahoo Finance, if you are planning to apply for a mortgage or other major loan, there are four strategies you can use that can help bump up your credit score in as little as 30 days:

Become an authorized user –

You can piggyback off someone else’s good credit by having them add you as an authorized user to an account they’ve had for some time. As an authorized user, you can benefit from this responsibly managed account once it is added to your credit profile. (Understand, however, that if you use the account irresponsibly, both your credit scores will suffer.)

Request a credit limit increase –

If you have a timely payment history with your credit card issuer, the issuer will likely grant you a limit increase if you ask for it. Since your credit utilization rate figures heavily in your credit score, an increase in the limit can help your score – so long as you resist increasing your spending.

Pay down your cards –

Because, as indicated above, a lower balance positively affects your credit utilization rate, make the effort to curb your current spending and use any extra funds you can muster to pay down existing debts.

Check for credit report errors –

An error on your report can weigh down your score, while removing one can result in great improvement. Since most credit reporting errors are resolved in about 30 days, pull your report from AnnualCreditReport.com and go over it with a fine-tooth comb. If something seems amiss – such as an unreported debt payoff – disputing it right away can make a big difference in your credit score.

Download My App & start your home search today!

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Credit – JD PDX Real Estate | Your Portland Realtor

Realize Your Dream of Becoming a Homeowner

A good credit score is crucial when buying a home for several reasons:

How To Successfully Invest In Real Estate

1) Have A Financing Plan

2) Review Your Credit Report

3) Get A Mortgage Pre-Approval

4) Stay Competitive By Doing Your Research

5) Cash Funds

Additional Resources

11 Of The Best Home Buying Tips

11 Tips For Buying A Home

Your finances

1. Check your own credit

2. Research Home sale prices in your area

3. The down payment

4. The costs of owning/buying a home

5. What can you afford?

The home search

6. Wants VS needs?

7. What are your dealbreakers

8. Home search

The offer & closing

9. Think competitive but reasonable

10. Inspections

11. Beyond closing

More helpful home buyer resources

4 Proven Useful & Practical Tips For Financing Your First Home

4 Outstanding Quality Tips For Financing Your First Home

Credit-Check

Save-Down Payment

Pre Approval

The Offer-Agent

More Useful Articles

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First Time Home Buyer & How to Prepare to be a Homeowner

First Time Home Buyer & How to Prepare to be a Homeowner

What do you want?

Are you financially prepared?

Credit:If you need to do a little work on your credit before you can qualify for the loan, a mortgage broker or your realtor can also help you with some recommendations and tools available to you for credit repair.

What can you afford?

Down Payment:

How do you make the best offer possible?

More Helpful Tips:

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What You Need To Know About A Home Equity Line Of Credit

Home equity loan

1st Time Home Buyers Financing With Poor Credit

Get a co-signer.

Use bankruptcy to your advantage.

Get an interest-only loan.

Who’s Checking Your Credit

4 Easy Simple Steps to Boost Your Credit Score

Become an authorized user –

Request a credit limit increase –

Pay down your cards –

Check for credit report errors –