Is your credit score good enough to buy a house?
If you are thinking about buying a house in the next year you need to get your credit in order. Sometimes it is easy to fix a few things and sometimes it’s easy but it takes a little time. You want to talk to someone who knows what they are doing. You could easily boost your credit by 50+ points potentially and that could make a huge difference to your score which then makes a difference in your interest rate.
If interest rates have you nervous about buying right now, there is a mortgage product that will help you get into the house you want now! It’s called a 2-1 buydown. Take a listen.
Even with good credit, you might be looking at a 6-7% interest rate right now. With this program, you will be paying 2% less the first year and 1% less the second year. It is definitely worth a conversation with me or a lender.
Right now we are seeing that buyers can negotiate on price, inspection, and appraisals if needed. Right now is a great time to buy a house and start getting a tax write-off every year.
Benefits of owning a home
Having a mortgage and a tax write-off is always better than just paying rent.
The higher the interest rate the better the tax write-off. That’s a bonus of these higher interest rates. The insane rates that we saw during the pandemic, may never come back, so it is not worth waiting for. If you do buy a house and they do come back, you can refinance.
I know not everyone is in a position to buy a house or condo, but I’d love to help you get there.
When your Credit is Good Enough to Buy a House
How do you buy a house? This is my 8-Step Process to Buying a Home.
I love to talk about real estate and figure out how someone can own a house sooner rather than later, but sometimes, a little later is ok.
Message me so we can get a real estate conversation started!