You’ve finally decided you want to buy a piece of Santa Cruz real estate. What do you do now? Here are a few tips for getting the best deal for your money:
Check Out Your Credit
The first thing you’ll want to do is order a copy of your credit report from the three major credit bureaus: Experian, TransUnion, and Equifax.
Look for inaccuracies in:
• Name
• Address
• Creditors
• Late payments
• Delinquencies
After you’ve reviewed your credit report and know your credit score, you’re ready to make improvements to your report. You can send a written “Notice of Correction” to the credit bureaus. It can be up to 200 words. If needed, you can explain why you fell behind on a particular debt, and every time a lender accesses the report, they’ll see your explanation.
It can take several months to for your credit score to go up. However, it's well worth the effort to get a better interest rate. It can save you thousands on your Santa Cruz real estate.
What’s Next?
Before you start looking at properties, it’s a good idea to get a pre-approval letter from a lender. The lender will take into consideration your income and credit history. Then they’ll determine what loan amount you can be approved for.
Most pre-approval letters list the maximum amount that you are approved for, not necessarily the amount you can afford. Look carefully at your budget so that you don’t get too excited about the number and get into more house than you can afford.
A pre-approval letter will give you and your agent an idea of what houses to look at, and no time is wasted seeing properties that you can’t afford. Prospective sellers may also give your bid more weight if you have a pre-approval letter.
Are you a first-time buyer? You have just made a fabulous decision for your future. There are tons of great buys in the Santa Cruz real estate market.
I'm a specialist in this community and would love to help you buy the home of your dreams. Call me now at 831.662.6522 or email me at Lauren@LaurenSpencer.com.
For additional real estate information, please visit my website at www.MySantaCruzRealEstate.com.
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