Considering Homeownership

Considering Homeownership

Dreaming
of homeownership but not sure where to start? Before you hit the market looking
for your home, it is important to be aware of your financial standing. There is
much more to homeownership than being able to afford the upfront price of the
home. Let’s look at what else goes into homeownership and how to reduce excess
costs and fees. 

Often,
the biggest obstacles to homeownership are the buyer’s credit score and current
debt. These two factors can play a large role in your monthly interest rates
and your ability to pay other upfront and ongoing costs. It is important to be
in good financial standing before applying for homeownership because this will
have the greatest impact on all the costs and fees that come with owning your
own home.

Payment
history is one of the largest factors that determine your credit score. So
missing a due date or payments can have major implications. Make sure you know
your due dates and payment cut-off times.

With
your First PREMIER® Bank credit card, you can set yourself up for success
by building your credit history to help obtain the best loan rates and reduce
excess costs. Talk to a financial
advisor or housing counselor to see what budget makes the most sense for you
financially, while still meeting all your wants and needs.

Cardholders
sometimes send goodwill letters asking for the removal of negative (but
accurate) information from their credit report. Goodwill letters are often
suggested on consumer credit forums as a way for consumers to clean up their
credit reports. Although we truly empathize with past hardship situations where
past payments were missed or late, we do not remove accurate information from a
credit report, either as an act of goodwill or in exchange for payment.

We
are bound by the Fair Credit Reporting Act, which requires financial
institutions to report accurate data. It is our responsibility to report
accurate information to the consumer reporting agencies.

Check out our online guide and learn more about getting on the right path to homeownership.

This information is presented for educational purposes only. It is not intended as, nor should it be construed to be, legal, financial or other professional advice. Please consult with your attorney or financial advisor to discuss any legal or financial issues involved with credit decisions.

The post Considering Homeownership appeared first on Premier Perspectives.

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