If you are like most people who are interested in purchasing a home, you don’t have enough money in your savings account to cover the entire cost. As such, you will need to go through a lending institution in order to obtain the money you need to purchase your home. To ensure you get the best rate and loan possible, it would be a good idea to take steps toward improving your credit rating before you start looking into your loan options. While improving your credit rating is a process that needs to be completed over time, it really is easier than you might think to improve your credit rating. Whether looking at Maryland luxury homes or a condo in Ulster County, here are 5 tips for improving your credit rating before you purchase a home.
Tagged : real estate news for ulster county ny
As banks are loosening credit, the housing crisis is expected to end this year, which is great news. This is due to the fact that mortgage lending has remained stable over the past three quarters, now in the forth, with the requirements of a credit score of 700. According to banks, they are now lending amounts up to 3.5 times borrower earnings, up from the low of 3.2 times borrower earnings. Banks are also loosening loan-to-value ratios, which Capital Economics denotes “the clearest sign yet of an improvement in mortgage credit conditions.”
With that said, if borrowing and credit conditions return to normal, maybe, just maybe, home sales will increase again!
Homes for sale!