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First Time HomeBuyers Need To Check Credit Score First

November 27th, 2007 by RISMedia Admin

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This is a great Real Estate Market for First Time Home Buyers. One of the first things you need to do as a first time buyer, is to find out your credit score.

Anyone who has ever had a bank account, mortgage, credit card, car loan, or account with a retail store will have a credit rating. Most information in your credit rating comes from companies you have credit with, as well as from certain public records such as tax liens, bankruptcies, judgments and lawsuits. It is important to know and understand your credit rating, how the information is compiled, and how it affects your ability to acquire a loan for your new home.

Credit reports are usually divided into five sections:

1. Your credit history.
2. Who has reviewed your credit history.
3. Information you have provided for the credit company.
4. Specific identification information about you.
5. Explanatory notes and comments.

Different states have different requirements, so you need to check out what applies to you. There are three major credit-reporting agencies, Trans Union, Experian and Equifax.

I can recommend a reputable mortgage lender who has the reputation of providing excellent service and good rates. This lender will be able to immediately pull your credit report for your review and can make recommendations of how to make it better. The better your credit score, the higher your credit rating will be.

This is just the first step to home ownership. Having a Buyers Agent working with you, on your behalf, will provide guidance through all the necessary steps in the purchase of your first home.

I have a number of lovely homes, perfect for the first time Buyer, visit http://www.HemingwayAndRowe.com to see all of my listings. To search the Maine MLS, go to http://www.MLSsearchPlus.com and you will find listings plus you will see the average days on the market, average price under list price, and much, much more.

As always, please feel free to call me with any questions you may have. My cell number is 207-653-2575.

This entry was posted by RISMedia Admin, on Tuesday, November 27th, 2007 at 9:15 am and is filed under Industry News, Marketplace, Featured. You can leave a response below, or trackback from your own site.

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