Wednesday, November 8, 2017

How Lexington MA Homebuyers Can Improve Credit Score

Are you ready to buy a Lexington MA home this fall? The holiday season is upon us, but the Lexington real estate market never stops! If you want to buy before the end of the year, now is the time to contact me, your Lexington real estate agent.

The good news is that buying a home in the off-season could save you thousands of dollars! According to a report from RISMedia, sale prices in the off-season fall an average of approximately 3 percent from September through November, which is $8,300 for an average-priced home.

The first step in the home-buying process should be to check your credit score. While a FICO score of 750 or higher is ideal, 53 percent of loans were approved with a score under 750 last month. 

Of course, the higher your credit score, the better. Here are a few tips if you’d like to improve your score before buying:
  • Make all of your payments on time. This includes rent, credit cards, car loans and so on. If possible, set up automatic payments for your bills so that you don’t have the chance of paying late.
  • Keep credit card spending to no more than 30 percent of your limit and continue to pay off your cards each month.
  • Check for errors on your credit reports, and if you find any, work on getting them fixed. This happens more often that you’d think!
  • Shop around for mortgage rates, but do so within a 30-day period, as too many spread-out inquiries can lower your score.
If you’ve got questions about the home-buying process, or you’re ready to get started, contact me, your Lexington real estate agent! I will be here and ready to help you achieve your Lexington real estate market goals throughout this fall and winter seasons.

Theresa D'Antuono

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