Ocala, FL Home Buyer Resources
Home buying tips for Ocala, FL Home buyers. Step by step instructions how to buy your dream home and pay a fair price for it.
If you`re looking to buy a home, we strive to make real estate easy and having your own Agent is the most important thing you can have as the Buyer, and the best part is the Seller pays the commission ! so no money out of your pocket and you have your own Agent negotiating for you. Some additional benefits are:
- Help you get pre-approved for a mortgage by providing recommendations for local Lenders who can also assist with possible down payment assistance programs and credit restoration help if necessary.
- We do all the legwork necessary to find homes that meet your criteria and you can afford. We know what`s on the market, and we have firsthand knowledge of properties the minute they go up for sale. Research and preparation to help you find the right home takes a lot of work behind the scenes and that’s one of our favorite things to do-matchmake !
- Handle all the contract and addendum writing during the offer and negotiation phase. We close deals on a routine basis, and we would carefully handle all of the paperwork for you.
- Track the transaction with the title company including all notifications and deadlines required for a smooth and successful transaction all the way to closing.
3 Important Things You Can Do Right Now
- Check Your Credit Report – Credit score repair begins with your credit report. If you haven’t already, request a free copy of your credit report and check it for errors. Your credit report contains the data used to calculate your credit score and it may contain errors. In particular, check to make sure that there are no late payments incorrectly listed for any of your accounts and that the amounts owed for each of your open accounts is correct. If you find errors on any of your reports, dispute them with the credit bureau. Read more about Disputing Errors on Your Credit Report
- Setup Payment Reminders – Making your credit payments on time is one of the biggest contributing factors to your credit scores. Some banks offer payment reminders through their online banking portals that can send you an email or text message reminding you when a payment is due.
- Reduce the Amount of Debt You Owe – This is easier said than done, but reducing the amount that you owe is going to be a far more satisfying achievement than improving your credit score. The first thing you need to do is stop using your credit cards. Use your credit report to make a list of all of your accounts and then go online or check recent statements to determine how much you owe on each account and what interest rate they are charging you. Come up with a payment plan that puts most of your available budget for debt payments towards the highest interest cards first, while maintaining minimum payments on your other accounts.
- Consider signing up for a free service like CreditKarma.com that helps you build good credit, can show you your credit reports and then give targeted recommendations on help to improve your score.
More Tips on How to Fix a Credit Score & Maintain Good Credit
Payment History Tips
Contributing 35% to a FICO Score calculation, this category has the greatest effect on improving your scores, but past problems like missed or late payments are not easily fixed.
- Pay your bills on time.
Delinquent payments, even if only a few days late, and collections can have a major negative impact on your FICO Scores.
- If you have missed payments, get current and stay current.
The longer you pay your bills on time after being late, the more your FICO Scores should increase. Older credit problems count for less, so poor credit performance won’t haunt you forever. The impact of past credit problems on your FICO Scores fades as time passes and as recent good payment patterns show up on your credit report. And good FICO Scores weigh any credit problems against the positive information that says you’re managing your credit well.
- Be aware that paying off a collection account will not remove it from your credit report.
It will stay on your report for seven years.
- If you are having trouble making ends meet, contact your creditors or see a legitimate credit counselor.
This won’t rebuild your credit score immediately, but if you can begin to manage your credit and pay on time, your score should increase over time. And seeking assistance from a credit counseling service will not hurt your FICO Scores.
Balances owed on credit cards
This category contributes 30% to a FICO Score’s calculation and can be easier to clean up than payment history, but that requires financial discipline and understanding the tips below.
- Keep balances low on credit cards and other “revolving credit”.
High outstanding debt can affect a credit score.
- Pay off debt rather than moving it around.
The most effective way to improve your credit scores in this area is by paying down your revolving (credit cards) debt. In fact, owing the same amount but having fewer open accounts may lower your scores.
- Don’t close unused credit cards as a short-term strategy to raise your scores.
- Don’t open a number of new credit cards that you don’t need, just to increase your available credit.
This approach could backfire and actually lower your credit scores.
Length of Credit History Tips
- If you have been managing credit for a short time, don’t open a lot of new accounts too rapidly.
New accounts will lower your average account age, which will have a larger effect on your scores if you don’t have a lot of other credit information. Also, rapid account buildup can look risky if you are a new credit user.
New Credit Tips
- Do your rate shopping for a given loan within a focused period of time.
FICO Scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur.
- Re-establish your credit history if you have had problems.
Opening new accounts responsibly and paying them off on time will raise your credit score in the long term.
- Note that it’s OK to request and check your own credit report.
This won’t affect a score, as long as you order your credit report directly from the credit reporting agency or through an organization authorized to provide credit reports to consumers.
Types of Credit Use Tips
- Apply for and open new credit accounts only as needed.
Don’t open accounts just to have a better credit mix – it probably won’t raise your credit score.
- Have credit cards – but manage them responsibly.
In general, having credit cards and installment loans (and paying timely payments) will rebuild your credit scores. Someone with no credit cards, for example, tends to be higher risk than someone who has managed credit cards responsibly.
- Note that closing an account doesn’t make it go away.
A closed account will still show up on your credit report, and may be considered by a score.
To summarize, “fixing” a credit score is more about fixing errors in your credit history (if they exist) and then following the guidelines above to maintain consistent, good credit history. Raising your scores after a poor mark on your report or building credit for the first time will take patience and discipline.