Financing
When it comes to buying that perfect property, unless you are investing a large sum a cash, you will likely need some type of financing. When it comes to financing... "the best defense, is a great offense."
Think you know what's in your credit file? Think again... the United States General Accounting Office conducted an eye opening study, GAO-03-1036T, about the accuracy, or lack thereof, in consumer credit reports. It is a retina searing 17 page Statement for the Record Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate. I have personally spoken to its author. It is not a boring read and is written in a manner that even a politician should be able to comprehend. If you use credit, you would be very wise to read it.
Regardless... get excited about getting to know your credit and arm yourself with information. Discuss your options with a trusted or recommended lending consultant. It's also very important to get pre-approved for your loan and it proves you are a serious and qualified buyer. With a call or a click, its easy to discuss your options with a mortgage professional.
Additionally, experts recommend frequently reviewing your credit file with each of the Consumer Reporting Agencies. (At least twice a year.) For more information, call or go online today.
A great new tool for personal credit advocacy is CreditKarma.com. In addition to giving you your credit score (something the Consumer Reporting Agencies always charge a fee for) CreditKarma.com will make recommendations that can improve your credit score and save you $$$$!!! It does have a few limitations in that they only use data from one of the Reporting Agencies (Trans Union) but the information is accurate and should give you a pretty good idea of your overall credit health. Best of all... IT IS FREE!!!
Review your credit file carefully, then correct or dispute any errors. An overwhelming number of consumers find errors in the credit reports. With credit, you can be assumed guilty until proven otherwise. But don't worry, you have more control than you think!
Need help? Sound financial education and credit counseling is closer than you think. Visit Family Life Resources for more information.
An additional resource I find useful is Christian Personal Finance or ChristianPF. ChristianPF is an excellent personal finance blog that offers tips that range from Budgeting, Investing, Making & Saving Money and even how to transition from the corporate world to an entrepreneur.
Jeffrey Whatley
Direct: (863) 381-7330
E-mail: jeff@twotoesshort.com
ERA Advantage Realty
743 US Hwy 27 South
Sebring, Florida, USA 33870
Office: (863) 386.1111
Fax: (863) 386.1112