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Quirks of New Residence Before Moving in Before taking possession of a house, it is in the best interest of homebuyers to set aside some time with the current owners in order to get familiar with unique aspects of the property. Buyers will want to know, for instance, how to operate irrigation, security, and lighting systems already installed in the house. They should be sure to collect any operating guides and/or warranties for such systems from the sellers as well. Buyers also should find out from the sellers what type of routine maintenance, such as how often the gutters need to be cleaned, is best to keep the home in tip-top shape. Additionally, by asking sellers for the names and telephone numbers of people and firms whose services they have used for the upkeep of the property, the new owners will benefit from contacts that already are familiar with the house. Buyers who are unable to meet with sellers before taking up residency should at least ask them to leave a note spelling out any relevant information Learn How to Improve Your Credit Score Fair, Isaac & Co. – the company responsible for the mathematical formula used to calculate credit scores – soon will introduce technology designed to help consumers boost their ratings. Though the company refuses to disclose precisely how the score is computed, it does say that payment history accounts for 35 percent of the score; debt load equals 30 percent; and how long the consumers have had credit, how actively they are seeking new credit, and the types of credit used make up the remaining 35 percent. Credit scores often are used by lenders and merchants to determine the risk of lending money to the consumer. However, insurance companies are increasingly using the score to deny or revoke coverage or raise premiums. For $12.95, consumers can access their credit scores through myfico.com and receive their credit report. Beginning this spring, Fair Isaac also will offer consumers information on how certain financial variables affect their credit score; notify them of changes that may mean someone is stealing their identity; and show consumers how mortgage refinancing at the best rate can be timed with a jump in their credit score. Get Errors Corrected Now - Now's The Time to Come Clean With Your Credit Before choosing a real estate agent and lender, finance experts urge homebuyers to purchase a copy of their credit report and credit score – usually about three to four months before they plan to move. For those hoping to become homeowners this summer, now is the time to clean up and assemble financial records. Clerical or computer errors on a credit report often result in lower credit scores, and buyers must have those inaccuracies corrected in order to avoid higher interest rates. Errors take about 45 days to be fixed. Once the credit report is cleared, prospective borrowers should compile their pay stubs; bank, brokerage, and retirement account statements; income tax returns; and debt records before choosing a broker or lender for pre-qualification. They can then start looking for properties and get pre-approved for the mortgage so that any offers they make will be taken seriously. Mortgage Bankers Association industry relations and policy development executive Steve O'Connor says pre-approval gives homebuyers leverage, since the lender has already agreed to provide a specific amount of money. Once the price and terms are set, the home inspection, appraisal, final loan approval, title work, and closing typically take a month or longer to complete. |
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