How Low Can They Go?

   It’s incredible to think where interest rates are right now, and how opportunistic the time is to consider buying a home.   In fact, for six weeks in a row, interest rates have been below 4%.   To get a true understanding of what you can qualify for and get approved for, we ask you to talk with one of our loan specialists at our preferred lender, Tidewater Mortgage Services, Inc.  These professionals can help you determine the best loan program for your immediate needs, and offer advice on how to help your credit score and improve your chances of getting a loan to begin with. 
   This is an all important step before you even consider browsing model homes.  Most people start by walking into a model and then figuring if they can even afford to buy.  But smart shoppers do their homework first.  Getting pre-approved is the right thing to do, because it can help you determine just how much of a home you can afford before you start ooo-ing and ahhhh-ing over something that is out of your budget.
   No one knows exactly how low interest rates will continue to go, but get the facts up front and know what you can approved for – then, come by our beautiful models and start shopping!

In the meantime, here are a few suggestions on how you can achieve/maintain a good credit history:
      
1. Create a budget and keep daily records of everything you spend for a month and decide where you can cut.
 
2. Start a savings account and make regular deposits.   Credit problems occur when you don’t have cash on hand for everyday purchases.
 
3. Consolidate multiple credit cards to one new, low-interest credit card.
 
4. If you’re currently a homeowner, consider taking out a home equity loan and use the money to pay off the balances on your credit cards. The interest usually is tax-deductible. Consult your tax advisor regarding interest deductions.
 
5. Balance your checkbook regularly to prevent checks from bouncing. Bounced checks negatively impact your credit report. Consult with your financial institution about U.S. Bank Overdraft Protection.

6. Make it a point to pay your bills on time, as late payments effect your report too.  Look into automatic payments online for reminders on due dates.