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Are you ready to buy some Dallas real estate? Buying Dallas real estate can be very fun and exciting but in order to make the process of buying Dallas real estate easier there are some things that you should do before you start looking at Dallas real estate to make it easier for you to get a mortgage to buy a piece of Dallas real estate once you find a piece of Dallas real estate that you love.
The first thing that you need to do when you’re preparing to buy a piece of Dallas real estate is get your credit report in order. To make sure that you have a current copy of your credit report and can see the exact same credit report that your lenders will see you should order a copy of your credit report from each of the three major credit bureaus: Experion, Equifax, and Trans Union.
Every lender will look at a credit report issued by one of those credit bureaus and they might even use a credit report from each one when you’re applying for a home loan to buy a piece of Dallas real estate. So get a copy of your credit report from each of those three credit bureaus at least three months before you want to start looking at Dallas real estate although it’s better if you do it about six months before you want to start looking at Dallas real estate so that you have time to fix any problems that are showing on the credit report. About three fourths of consumers have errors on their credit report so once you get your credit report from each bureau go over it very carefully and make note of any inaccurate negative report or items that should been removed from the credit report. Then make a plan to pay off as many of the smaller items on the credit report as you can and keep after the credit bureaus to remove those items from your credit report as soon as you have paid them off.
It might take some time and effort as well as some scrimping and saving but in the end it will be worth it. The better your credit report is the better deal you can get on a home loan to buy Dallas real estate.
So even if it’s a pain you’re much better off taking the time to clean up your credit report before you try to buy Dallas real estate. The next thing that you need to do when you’re preparing to buy some Dallas real estate is start saving a down payment. Each lender will require a different down payment and of course the down payment amount will depend on the price of the house. In the past most lenders really wanted a down payment of at least 20% but in the current market most lenders have been settling for a down payment of about 3% because most people couldn’t come up with a down payment of 20%. If you really can’t afford any kind of down payment it doesn’t mean that you can’t buy any Dallas real estate but you might be limited to a few lenders who will offer no down payment home loans.
If you are going to try and get a no money down home loan then it’s very important that you have good credit so you should definitely make cleaning up credit report a high priority.
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Source by Jordan Hashem