This Article is About
credit card accounts
first time buyers
time home buyers
first time home buyers
credit score
doing the right thing
amount of money
credit history
nerves
Useful Financial Tips For First Time Home Buyers In South Carolina
Join 1000's of Authors at StreetArticles Today!

Useful Financial Tips For First Time Home Buyers In South Carolina

Buying your first home is a challenge for most first time home buyers. It’s an exciting thing to do, but at the same time it is a nerve-racking experience. First time buyers are never sure that they are doing the right thing. Here are some financial tips to help you settle those nerves.

The first thing that you need to do is find out what your credit score is. When you eventually apply for a home loan, this is one of the first things that the lender is going to check. You can get a free copy of your credit score by going to a government sponsored website called annualcreditreport(dot)com.

Carefully look at your credit report to make sure that there are no errors on it. You can waste a lot of time looking to buy a house if your credit report is not correct. If you find errors on it, take the time up front to correct those errors.

Don’t close any of your existing credit card accounts. Paying these credit cards off and closing these accounts will not help you acquire a home loan. Closing these accounts will ruin your credit history and may lower your available line of credit.

Don’t make any other large purchases on credit, such as buying an automobile, immediately prior to applying for a home loan. These purchases will greatly reduce the amount of money that a home loan lender will be willing to lend you. In fact, if you already own a vehicle with an existing loan on it, you would be much better off to pay it off.

Changing your job status can also hurt your qualification for a home loan. For example, if you have been working on a job that was paying you by the hour and your employer offers you a higher paying job that is commission oriented, accepting that job may hurt your loan application. This makes it more difficult for the lending institution to determine what your future income will be. You may have to wait 1-2 years longer before there is enough history for the lending institution to make this decision.

Finally, have an experienced Realtor recommend the best lending institutions that they know and get a pre-qualified home loan estimate from one of them. A pre-qualified home loan estimate is just an estimate from a lending institution on how expensive of a home is that you can actually afford. The lending institution will consider your current income, expenses, and credit score and then they will give you that estimate. It’s quick, easy to do, and can sometimes be done over the telephone.

Getting a pre-qualified home loan estimate will not cost you anything and when you do find a home that you want to buy, you can choose any lender that you want. Getting this estimate will save you a lot of time from looking at houses that you can’t afford...something a lot of first time home buyers tend to do.


Street Talk

No comments present
You May Also Like
Sued By A Credit Card Company: Facts About Old, Charged Off Credit Card Accounts
For many people who are being sued by their credit card company, the process that led them to the very situation they are in now is somewhat hazy. This article aims to help delinquent debtors know more about what charged off account meant and what information can help their cause…
By: Vivienne Knoxville in  Legal  >  National State Local   Jun 01, 2012  
0
  Likes: 0

Jessica Sesanto Allegedly Stole $50,000 From Grandmother In Identity Theft Case
Jessica Sesanto, a 28-year old woman from Eau Claire, Wisconsin, has been charged with stealing over $50,000 using her grandmother's identity. Police arrested Sesanto earlier this month and charged her with two felonies: theft and identity theft, facing a total of eight years in prison if convicted.While Jessica lived with…
By: Jason Molnar in  Legal  >  Identity Theft   Nov 01, 2011  
0
  Likes: 0

Binary Options, What Are They?
Binary options are a new trading choice. Called "binary" as there are only two possible outcomes. Outcome 1: The pay off is either a fixed amount or percentage - up to 70% if the option is "in the money" when you sell it. Or outcome 2: You get nothing if…
By: Ian Worrall in  Investing  >  Stocks   May 05, 2011  
0
  Likes: 1

Fair Credit Reporting: What You Need To Know Now
Debt collectors have always been linked to harassment, threats and use of profane language to extract debt payments, especially old debts, despite laws enforced to protect consumer rights. Out of statutes debts will be sold and resold and often, those who purchased the accounts will not hesitate to step on…
By: Vivienne Knoxville in  Finance  >  Credit   Jul 18, 2012  
0
  Likes: 0

Identity Theft Of Deceased Persons - An Awful Crime
There really is no line that criminals won't cross when they're about to commit a crime. Even when it comes to stealing from the deceased. They're still willing to go after that person and commit fraud using their identity. Identity theft of deceased persons is a wretched crime, so it…
By: Jason Molnar in  Legal  >  Identity Theft   Nov 24, 2011  
0
  Likes: 1

Facts To Consider When Dealing With Credit Card Lawsuit
Thousands of people across the country are facing credit card lawsuit for unpaid debts that this actually turned into a billion dollar business for junk debt buyers, who make a living by purchasing old, credit card accounts for pennies on the dollar. In a somewhat twisted way, opportunist are actually…
By: Vivienne Knoxville in  Legal  >  National State Local   May 27, 2012  
0
  Likes: 0

Mortgage Tips for First - time Buyers
First-time buyers, a phrase we categorise ourselves as when we make that all important decision to buy our first home. People tend to feel overwhelmed, stressed and daunted with the whole affair. I want to reassure you that it does not need to be daunting. I want you to feel…
By: Nick Biring in  Real Estate   Oct 27, 2012  
1
  Likes: 0

Low Deposit Mortgage A Sure Step To Wellbeing
Not many people in the world can afford to buy a house. And they make do with a rented house. Though they dream to live in a house of their own and strive hard to save money to buy one only a few succeed in really owning one. This trend…
By: bailey in  Business  >  Sales   Nov 14, 2011  
1
  Likes: 0

How To Make An Email Address Book
How to build your list for your online business causes brain farts, doesn't it? Let's clear the air! Reframe: How to make an email address book Ways to let "How To Build A List" sneak up on you! Your First Time Customers You Never Met Before (1) Buyers! Buyers can…
8
  Likes: 3

Second Step House Buyers In the UK Face Worse Market Conditions Of All
There has been much made about the fact that first time buyers are struggling to get onto the property market in the UK, due to high property prices, mortgage lenders demanding large deposits, stringent borrowing conditions and the fear of unemployment making many nervous to take the plunge into property…
By: whathouse in  Real Estate  >  Selling   Sep 17, 2012  
0
  Likes: 0

Home Insurance Pensacola
Useful Tips To Remember When Getting A Home Insurance Pensacola Policy When you get a home insurance Pensacola policy for your Florida-based home, then you are assuring yourself that your home sweet home stays safe and well protected from any external forces or unforeseen events. Even if it would mean…
By: Todd Poynton in  Insurance  >  Home Owners Renters   Sep 27, 2011  
0
  Likes: 0

Where To Buy Methylone?
You might want to buy methylone but do you know the best place where you can buy it? By doing your search on the internet, you can find the best place where you can do your purchase of the best and high quality research chemicals like methylone. What is Methylone?…
By: criscare in  Shopping and Product Reviews   Sep 28, 2013  
0
  Likes: 1

Appliance Repair Insurance - Warranty Insurance for Home Owners
So what is appliance repair insurance? It's basically paying in advance for future problems, just like any type of warranty or insurance. But do you really need it? The fact is some home owners truly need this type of coverage, but many don't. Let's take a look if these plans…
By: Allen Whinters in  Insurance   Feb 03, 2011  
0
  Likes: 0

8 Reasons Why Families Should Choose Condo Over Traditional House And Lot Living
Settling in massive houses has been the norm for families in multiple countries. However, through the years, these houses have become bigger and families began having fewer children. Parents started working longer hours while their kids stayed in their room and occupied themselves with gadgets. Due to this arrangement, families…
By: oliviacoore in  Real Estate  >  Buying   Jun 06, 2016  
0
  Likes: 0

How Buyer’s Agent Can Make Your Life Easier
Buyer’s agents charge a fee for finding, vetting and purchasing a property on your behalf. You might wonder why people pay more money in what is already an expensive process. Their job is to help you through the process. The reason is because they are trusted experts who are shepherding…
By: Maria_Williams in  Real Estate  >  Buying   May 18, 2016  
0
  Likes: 0

Article Views: 1336    Report this Article