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Credit Score | The McLeod Group Network - KW Capital City Blog

Monday, November 5, 2018   /   by Amy McLeod

2 Myths Holding Back Home Buyers

Urban Institute recently released a report entitled, “Barriers to Accessing Homeownership: Down Payment, Credit, and Affordability,” which revealed that,
“Consumers often think they need to put more money down to purchase a home than is actually required. In a 2017 survey, 68% of renters cited saving for a down payment as an obstacle to homeownership. Thirty-nine percent of renters believe that more than 20% is needed for a down payment and many renters are unaware of low–down payment programs.”
Myth #1: “I Need a 20% Down Payment”
Buyers often overestimate the down payment funds needed to qualify for a home loan. According to the same report:
“Most potential homebuyers are largely unaware that there are low-down payment and no-down payment assistance programs available at the local, state, and federal levels to help eligible borrowers secure an affordable down payment.”  
These numbers ...

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  amy mcleod, mcleod group network, homebuyers, buying a house, first time home buyers, down payment, credit score

Wednesday, October 17, 2018   /   by Amy McLeod

5 Tips for Starting Your Home Search

In today’s real estate market, with low inventory dominating the conversation in many areas of the country, it can often be frustrating to be a first-time homebuyer if you aren’t prepared.


In a recent realtor.com article entitled, “How to Find Your Dream Home—Without Losing Your Mind,” the author highlights some steps that first-time homebuyers can take to help carry their excitement of buying a home throughout the whole process.


1. Get Pre-Approved for a Mortgage Before You Start Your Search


One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search. Even if you are in a market that is not as competitive, understanding your budget will give you the confidence of knowing whether or not your dream home is within your reach.


This step will also help you narrow your search based on your budget and won’t leave you di ...

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  amy mcleod, mcleod group network, homebuyers, buying a house, first time home buyers, down payment, owning a home, credit score, pre-approval, buying your dream home, millennial homebuyers

Monday, August 20, 2018   /   by Amy McLeod

Oops! 5 Mortgage Moves You May Not Realize You Need to Do

Getting a mortgage is easy, right? You’ve seen the TV commercials and the billboard ads touting promises like, “Get approved for a mortgage today!” Well, sorry to break the news, but the reality is that obtaining a home loan isn’t just one mouse click or phone call away.
There are a number of hoops to jump through and hurdles to cross before a mortgage lender will issue you a loan. To switch metaphors, it's less of a sprint, more of a triathlon—and it’s easy to overlook an important stage or two as you move toward the finish line.
Curious what home buyers often miss, much to their chagrin? Here are five essential steps that many people don't realize are needed for a mortgage.
1. Get pre-approved
In any highly competitive housing market, it's akin to self-sabotage not to get pre-approved before making an offer on a house.
Pre-approval is a commitment from a lender to provide you with a home loan of up to a certain amount. Th ...

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  amy mcleod, mcleod group network, homebuyers, buying a house, first time home buyers, mortgages, mortgage interest rates, credit score, pre-approval, appraisals, home loans

Monday, April 16, 2018   /   by Amy McLeod

Getting Pre-Approved Should Always Be Your First Step

In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.
Even if you are in a market that is not as competitive, understanding your budget will give you the confidence of knowing if your dream home is within your reach.
Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website:
“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”
One of the many advantages of working with a local real estate pr ...

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  amy mcleod, mcleod group network, homebuyers, first time home buyers, buying a house, home prices, down payment, mortgage interest rates, mortgages, credit score, pre-approval

Wednesday, January 31, 2018   /   by Amy McLeod

6 Mortgage Questions a First-Time Home Buyer May Be Embarrassed to Ask

Mortgage questions abound when you're a first-time home buyer. Compounding the challenge is the embarrassment over interrupting the conversation with a would-be lender or seller to ask, "'Scuse me, what is a credit score? How much money do I need as a down payment?" Everyone knows this stuff, right?
No, they don't all know—so you should ask these questions. Or, at the very least, study up a bit so you know the basics. To help get you up to speed, here's a crash course on the most common mortgage questions and answers you need to know. Take five to read on, and wonder no more.
1. What do you need to get a mortgage?
Before loaning you money, lenders want to see proof that you've proven reliable paying off past debts, so you'll need to start establishing credit.
"There are ways to verify your past payments on utility bills, cellphone, and rent," notes Michael E. Matthews, senior vice president of PrimeL ...

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  amy mcleod, mcleod group network, homebuyers, first time home buyers, buying a house, credit score, down payment, pre-approval

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