Nancy Hibler, Realtor

You’re ready to purchase a home - but have you looked at your credit score lately? Your credit score as a home buyer is not only one of the most important variables when applying for a mortgage, it is also the first thing a mortgage lender will check to see if you qualify for a loan. Your credit score affects how much you can borrow, the kinds of mortgages for which you can be approved, and your mortgage rate. The minimum acceptable credit score depends on the type of home loan you qualify for, but conventional financing for buying a home usually requires a minimum credit score of 620.  Pricing Based on Risk Mortgage lending is based primarily on risk-based pricing. Lenders increase the cost of your mortgage for each risk associated with your credit profile. The lower your credit score, the higher the rate you will pay for a mortgage. For example, the difference between a 750 credit score and a 625 score can add one half of a percent to your loan rate. On a $200,000 30-yea...

As young adults move out on their own, they start to look for a place to call home. For some, that means renting, while others are looking to put down more permanent roots. Both options have their merits. If you are trying to decide what is right for you it is important to ask yourself some really important questions. These will help you choose the next logical best step. Are you planning to stay in the area? For some people the thought of settling down is the furthest thing from their mind. Others are ready to find a place not just to live, but to call home. If you intend to stay in your location for a considerable time, you might want to purchase a home. If you are just not sure where the wind will take you, renting is a better option. Can you grow with a home? Many people purchase their first home assuming it will be a starter home only to stay longer than they originally anticipated because the market was not as kind on their investment as they had hoped. It is import...