Earnest money is an amount of money you put down to show you’re serious about purchasing a home. It’s also known as a good faith deposit.When a buyer and seller enter into a contract,
Florida Buyer TIPS - Check your Credit!
Dated: November 20 2020
Generally, to qualify for a home loan, you'll need good credit (Around 620 for a conventional loan, but lenders will work with less sometimes for an FHA loan).
If you're thinking of buying but need or want to improve your score for the best interest rates available, check out these tips.
1. Fix any errors on your credit report
2. Pay your bills on time
3. Reduce the amount of debt you owe to about 20% of your borrowing capacity
4. Ask for a credit limit but don't spend more!
5. Come up with a plan to pay off credit card debt
6. Do not close your old credit accounts. Your credit history matters.
Use these tips to get started on increasing your credit score. It might take a few weeks or months, but eventually, you will be in the best position possible to buy your new home!
If you need some assistance, we can refer you to our Credit Consultants that will guide you through the process.
Let The Five Star Group help you find the perfect home.
I am a REALTOR┬«, in The East Coast & Central part of Florida. Specializing in Vero Beach, Sebastian, Palm Bay & surrounding areas. We have a wide variety of real estate homes in all Indian River Co....
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