Buying a home is probably the single largest investment most people make in a lifetime. By preparing yourself and your credit report before buying a home, you can make the finance process go more smoothly and can potentially save thousands on your loan by getting lower interest rates.
To get the best possible mortgage rate before buying a home, make sure your credit history is healthy and accurate. Start by checking your credit reports from TransUnion, Equifax and Experian.
If your credit score is not where you want it to be, focus your efforts on paying bills on time, reducing your debt balances, avoiding new inquiries, and clearing any inaccuracies from your credit report before buying a home.
Make sure the information on your credit reports is…
Homebuyer Competition in California Increases as Home Prices Go Up
(Source: CAR) – Strong sales in higher-cost coastal regions and heated market conditions drove California’s median home price to its highest level in March since May 2008, while inventory shortages continued to stifle home sales, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported.
“While home sales were essentially flat from February, sales declined moderately from last year, as an extreme shortage of available homes continued to dictate the market,” said C.A.R. President Don Faught. “Statewide inventory dropped 36 percent from last March and was below 3 months for the second time in the past few months. Supply conditions are particularly tight in the lower-priced…
The housing market recovery picked up steam in the final three months of last year, with prices rising at an annual rate of 7.3%, according to S&P Case-Shiller, while a government report showed sales of new homes also shot up higher.
The home price increase marks the third straight quarter of year-over-year gains. The price report covered 20 major housing markets.
The number of new homes sold in January jumped more than 15% from December and nearly 30% from a year earlier, according to the Census Bureau report. There is only a 4.1-month supply of new homes available for sale on the market, the tightest supply by that measure since the bubble days of 2005.
The improvement in the market is driven by many factors, including near record-low mortgage…