{"id":1562,"date":"2014-06-10T21:31:49","date_gmt":"2014-06-10T21:31:49","guid":{"rendered":"http:\/\/riverbankfinance.com\/blog\/?p=1562"},"modified":"2014-06-10T21:31:49","modified_gmt":"2014-06-10T21:31:49","slug":"buying-your-first-home-dont-let-credit-hold-you-back","status":"publish","type":"post","link":"https:\/\/riverbankfinance.com\/blog\/buying-your-first-home-dont-let-credit-hold-you-back\/","title":{"rendered":"It’s your first home, don’t let credit hold you back!"},"content":{"rendered":"

\"buy-a-home\"<\/a>Credit is Crucial!<\/h2>\n

When you start thinking of buying a home one of the first things you should do is check your credit score. \u00a0Contact a loan officer at Riverbank Finance to get a free credit report (or get an instant credit report online<\/a> now).\u00a0 If you find that you don’t have good credit, you may not get the best interest rate available \u2013 let alone get a loan at all.<\/p>\n

Either way, good or bad credit, focus on paying your debt down. \u00a0Pay on your credit cards and make sure you are paying all of your bills on time.\u00a0 You do not want to be turned down when applying for a mortgage, so focus a lot of your energy on raising your credit score.\u00a0 If you have been turned down in the past due to poor credit score raising it can enable you to be approved in the future!<\/p>\n

What is a good credit score, you ask?<\/h2>\n

720 and above is considered a good credit score, 750-850 is considered excellent!\u00a0 However, if you do not have a good credit score you might still be eligible for a mortgage. \u00a0We have home loan options down to a 560 credit score for FHA loans and have lower score requirements than many banks and mortgage lenders. Check with a loan officer at Riverbank Finance to see if you are eligible for a bad credit mortgage<\/a>.<\/p>\n

Related: FHA loans with a 580 credit score<\/a><\/p>\n

Save when you can!<\/h2>\n

Future home buyers should make sure their bank accounts can afford to put a down payment on a house and \u00a0have enough\u00a0additional<\/span>\u00a0money to pay the extra fees involved in the home buying process.\u00a0 Check to see how much of a down payment will be for your dream house and save accordingly. \u00a0 \u00a0<\/span><\/p>\n

Budget, budget, budget!<\/h2>\n

Oh, did I mention to budget?<\/h3>\n

Buying a home can be very stressful.\u00a0 Paying for it can be even more stressful \u2013 especially if your ways of living aren’t supported by your budget.\u00a0 So be proactive about it! \u00a0Budget now so you won\u2019t stress in the future.\u00a0 When you budget ALWAYS consider the future, not just the present; what payment can you afford<\/a>? What all will you have to pay for?<\/p>\n

You know what assuming does . . . so don\u2019t do it!<\/h2>\n

Do not look at your monthly mortgage amount and assume that you can afford your home.\u00a0 A lot of other expenses should be considered when budgeting: utilities, amenities, taxes, day-to-day living expenses, etc.\u00a0 This is a long term investment.\u00a0 Therefore, your budget should be long term as well.<\/p>\n

Remember, being a homeowner should be a rewarding and happy experience, so try not to set a budget that will make you stressed to the max.\u00a0 Give yourself room to breathe – room to live.<\/p>\n

Let the real fun begin!<\/h2>\n

It\u2019s hard to budget when you aren’t exactly sure how much your future home will cost you.\u00a0 So, look around for potential homes! \u00a0Narrow it down! \u00a0What city do you want to live in? \u00a0Neighborhood? \u00a0Street? \u00a0House? \u00a0The more specific you are the easier it will be to budget.<\/p>\n

Use your resources.<\/h2>\n

Now, your budget will have to consider a variety of things: the type of loan, the loan amount, the interest rates, the length of time, etc.\u00a0 These things cannot be known until you are approved by your lender for a mortgage on a specific home.\u00a0 Talk to your loan officer about these things once you have found a house, they are there to help!\u00a0 They can find the best loan and interest rates available to fit your situation.<\/p>\n

Good luck!<\/h2>\n

Remember, Riverbank Finance is only a phone call or click away.\u00a0 So don\u2019t hesitate! Call us today with your questions or concerns. \u00a0We are always happy to help \ud83d\ude42<\/p>\n\n

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