If you’re ready to buy a new home, you know that a good FICO score is critical to the process. Your FICO affects not just your ability to buy a new home, but the interest rate and fees you’ll pay for the new loan. Often, buyers are shocked to realize their credit score is not as high as they thought. Even borrowers who always pay their bills on time can be surprised by a lower FICO score when they apply for a loan. Fortunately, your lender can help with a rapid rescore process.A rapid rescore is initiated by your lender to boost your FICO in days. Most lenders offer this service and will start by reviewing your credit report with you. Lenders use what’s known as the “middle score,” in determining risk. There are three credit bureaus – Transunion, Equifax, and Experian – and they each calculate your score a little differently. The middle score is used for most home loans as your FICO. Your lender has a program which can estimate your rescore based on removing false reporting or lowering the balance on a credit card. Even paying off one card can raise your score by 20+ points, enough to make a huge difference in your mortgage interest rate. Once the steps are determined and taken, they then request the credit bureaus to verify the report. This takes a few days. Then the new score will be available to the lender to use for your loan.If you are considering a new home loan, it’s important to know your credit score ahead of time, when you can still correct mistakes. But, if you are already in the process, your lender may be able to use the rapid rescore process to quickly increase your score and offer you a better loan.

Every news article talks about the fact that it’s a “seller’s market.” This means that if you are selling your home, you’ve probably gotten a few offers from which to choose. While sales price is important, so are the contingencies attached to the offer. Understanding what these contingencies mean can help you choose the best offer from the pack. 5 Most Common Contingencies Home Inspection Contingency– This allows the buyer the right of a professional inspection to determine the condition of the home. Generally, this must be performed within seven days and removed. The inspection will address any safety, fire, and system condition issues. Appraisal Contingency–A professional appraisal will be ordered to ensure the price offered in the offer is fair market value. If the purchase will be financed, the lender must ensure the home is worth the loan value. Final Loan Approval Contingency–This contingency protects the buyer in the event they are unable to obtain final loan approval. Sales of Current Home Contingency – Sometimes a buyer will make an offer on a new home before their current one has sold. This contingency protects the buyer from having to complete the new sale until their home has sold. Title Contingency–This contingency protects the buyer if the seller does not have the “right” to sell the home due to unforeseen ownership issues. Contingencies are part of most real estate contracts. As you review buyers’ offers, make sure to consider both the kind of contingencies and how long before the buyer must remove them. This way, you will choose the offer with the best terms and price.Interested in selling your home? Contact us today so we can connect you with one of our licensed real estate agents!

The real estate market is ever-evolving, and the past year has been no exception. With so many stories and reports, it's understandable if you find yourself feeling uncertain about buying a home. Questions like "Is now a good time to buy?", "What will happen to housing prices?", and "How will interest rates behave?" are common and quite valid. Deciding to buy a home involves numerous considerations, such as: ●  Determining your budget. ●  Deciding on your preferred location. ●  Assessing if a particular home suits you, your family, and your lifestyle. ●  Considering whether to make an offer. ●  Evaluating the home inspection results. ●  Reviewing the final loan terms and payments. These are just a few aspects of the home-buying process, and it's a journey you don't have to embark on alone. Engaging a buyer’s agent can be a beneficial step. A buyer’s agent aims to guide you through the buying process, addressing your questions, negotiating on your behalf, and discussing various options and decisions with you. While the current market might seem daunting, having a professional buyer’s agent by your side can provide support and insight, potentially making the process more manageable and less overwhelming.Ready to work purchasing a new home into your 2024 goals? Contact us today and we will pair you with one of our skilled agents!