Proactive Planning For Buyers

  • The higher your credit score, the lower your monthly mortgage payment. 

  • Learn how your credit card usage affects your credit score and your mortgage interest rate qualification by clicking here.

  • Pull your credit reports to make sure you are not unfairly penalized for old, paid or settled debts. Call Brittany Petronek 208-850-8753 if you would like help with this.

  • If you are able, do not apply for a new credit card 12 months before getting a mortgage.

  • Try on your new financial obligation long before you sign the mortgage papers. Before you home-shop, calculate the mortgage payment for the home in your intended price range along with the increased expenses such as: taxes, insurance and utilities. Click here for mortgage calculator link.

  • Building your savings is something you should do, and is more important than saving for the down payment and closing. Lenders want to see that you are not living paycheck to paycheck. If you have 3 - 5 months' worth of mortgage payments set aside, that makes you a much better loan candidate (this relates to getting a lower interest rate).

  • This money will also help you cover maintenance and repair issues that come up when you own a home. While repairs are sporadic, items such as a new roof, water heater or other big-ticket items can hit suddenly and hard.