Help & guide on the process on Purchasing Your First Home . PART 2.


Alright, you have calculated your comfortable total monthly home payment. But wait, you might have additional monthly payments beside your home. It might be - Car payment, student loan , credit card , child support . So now you need to subtracting all your monthly debts of your monthly income. Example: $5000 monthly income - $500 monthly car payment - $300 monthly credit cards - $1200 Student loan = Total monthly income minus all debts payments. 


Your Credit score have a significant impact on your mortgage rate. If you are looking to buy a house soon you need to be really careful making a big purchases on credit card before you close on your home! Even the furniture or new refrigerator could make it harder to get a mortgage. 


Lets say you have a credit score below 700, you will likely pay more for your mortgage. The best practice to improve your credit score is to paying your bills on time and paying down your credit cards and debts. That way you will see the improvements within 3 months.

If you find the errors on your credit report and despited , it may raise your score in 30 days or less. That is why is the best practice to check your credit report before to apply for the loan!!!!


To correct the mistakes on your credit report you should contact the credit reporting company such as EQUIFAX , EXPERIAN , TransUnion and the creditors. 


Another unpleasant things that could lower your credit score - bankruptcy or eviction in the past.

Just remember - CREDIT REPAIR IS NOT AN OVERNIGHT FIX! Be patient and do it now! 


Anastasia Lozhkina | REALTOR®






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