It can take years for Charleston first-time buyers to save
up for their first home’s down payment, but even after that hurdle has been
cleared, it can take even more time to secure a mortgage -- if they have
neglected the other part of the equation. Their credit rating.
Before first-time buyers in Charleston, SC will be able to
move forward with that initial home purchase, they need to ensure that their
credit score does not raise the kind of questions that sometimes derails an
otherwise well-qualified home loan applicant. This has always been true, but
may become even more likely as lending limitations grow increasingly strict.
But it’s the occasional recording error or misstatement
that is most easily preventable. Ironically, those often affect perfectly well-qualified
buyers—precisely because they have no reason to suspect that a problem could
crop up.
The upshot: Charleston area first time buyers should start
reviewing their credit history one year to six months before they
intend to buy a home. Since the
credit agencies provide upon request free copies of every individual’s report
once each year, the only hassle is having to check the details line-by-line (a
single reporting error can have a big impact on an overall score). And since it’s
not unusual to take 90 days or more to cure a disputed entry, the earlier a
first-time buyer begins the process, the better. Individuals can file a dispute
online with the credit bureaus, or can hire a credit repair company to assist
with disputes. In all cases, claims should be documented and correct
information provided immediately.
Once a Charleston first-time buyer is certain that his or
her reports are accurate, is it time to relax? Hardly. It’s important to
continue to monitor those scores to ensure against accidental surprises. Especially
recently, after wholesale credit card thefts sowed confusion and disruption throughout
the system, it’s probably wise to assume nothing. Several online services offer
credit monitoring (and it’s possible that your bank might provide free monitoring).
From first-time buyers to seasoned investors, I’m here to
help my clients every step of the way. Call me today!
Interested in selling your
Charleston area home? Visit: www.jeffcookrealestate.com
Interested in buying a Charleston
area home? Visit: www.discovercharlestonareahomes.com
-Jeff Cook
Jeff Cook Real Estate
Charleston, SC
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