You’ve found the home of your dreams… now what? One of the most important factors in securing a home loan is your credit score. Typically, a higher score increases your chance of being approved for a loan and securing a lower interest rate. When you apply for a home loan, lenders will pull your credit report and rely heavily on the information it provides.
Your report includes a record of borrowed money, your payment history, and how much open credit you have available. It highlights any bills referred to collection agencies, public record information attached to your name such as bankruptcy or tax liens, credit cards, student loans, auto loans, and other inquiries made about your credit. Lenders rely on this information to determine the likelihood that you can afford your mortgage and that you intend to repay your mortgage in a timely fashion.
Generally, the higher your credit score, the more lending options will be available to you – including lower interest rates. The average credit score is around 730; if your score is lower, you can still secure a loan, but your options will be limited and your interest rate will be higher. If your score is 600 or lower, we advise you to make a financial plan to prepare to secure a home loan. A good idea would be to invest 12-18 months repairing your credit before applying for a home loan. Rebuilding your credit will help you look more favorable to lenders in the future.
If you’re looking to secure a home loan, we have strong connections with top-notch mortgage lenders. Give The Lippincott Team a call today! 832-392-8818
If you’ve recently made the decision to put your home on the market, you’re probably becoming familiar with the ups and downs that come along with it. Selling a house can feel like a daunting task to homeowners! We know you’ve got a lot to do, but it’s important not to let your home value be an afterthought. There are many ways to add value to your home – some are costly, while others are relatively inexpensive. In fact, some are little things you can do today! To increase your home value in a pinch, add these 5 steps to your to-do list right now!
- Exterior and Interior Paint
A fresh coat of paint does wonders for your home’s appearance. It’s like giving your house a facelift! Inside, it’s best to use neutral colors. It helps to lighten the room and makes potential buyers more likely to picture themselves in your home. Of course, exterior paint is costlier, but plays a major role for your home’s curb appeal. If your exterior is desperate for a paint job, consider budgeting for it before you list.
- Routine Housework
This is the simplest way to help improve your home value. Make sure your plumbing, insulation, electric, and roof are in good condition. Keep ducts and vents clean, too! Don’t forget to deep clean your home… it will be easier to maintain throughout the selling process.
Are your fixtures old and dated? Updating them is an easy way to modernize your space and improve the lighting in your home. We also love outdoor lighting fixtures – wall, patio, and floodlights can give your exterior a refined new look in the evening.
- Curb Appeal Matters
It’s the first thing a potential buyer sees… are they looking at a well-maintained lawn with a pretty landscape, or trash cans on the driveway with overgrown planters? Make sure your home looks welcoming and attractive – while it seems obvious, it’s important to buyers.
- Appliance Upgrades
If you’ve got dated or mismatched kitchen appliances, consider upgrading them to a more modern, cohesive look. A kitchen boasting appliances that complement the countertops and décor will pull everything together and make a big difference in the buyer’s mind – and your resale value.
If you’d like more information about listing your home in Cypress and the Northwest Houston area, Contact The Lippincott Team to learn more. We’re eager to help you! 832-392-8818.