Improving Credit Score As A First Time Home Buyer to Purchase a Home | How to Buy a Home Podcast #56

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Take charge of your credit score with these tips and you may find yourself in the perfect position to buy your first house by using your credit score.

It’s no secret that the current housing market requires several tips and tricks for buying your first home. This, however, is not your average tip nor trick. For some, using advanced credit hacks like the ones presented in this video may be the secret to buying your first home.

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Looking to buy your first house? Well then welcome to the leading podcast dedicated to educating first time home buyers. We believe in giving you the important information for first time home buyers other real estate teams either hide or don’t know themselves. Born from years of watching first time home buyers get taken advantage of, real estate veteran David Sidoni launched the podcast in 2018 aimed at making it easier for first time home buyers to find their strategy to buying their first home. The podcast has quickly become the authority on the latest information for buying your first home and can be found on iTunes, Stitcher, Google Play, and anywhere else you binge your podcasts. If you are looking for other tips and tricks to buying your first home, look no further! With many episodes, tips, tricks, and nerdy references from an experienced (old dude) realtor, The How to Buy a Home Podcast is the top resource for first time home buyers.

WARNING: Proceed with caution as this video is filled with numbers. Okay, in seriousness- this trick is a deep dive into the world of credit and ways to use available credit to increase your credit score and use it to get yourself into your first home. For some who are ready for the advanced strategies for buying a home, there are ways to boost your credit score and use it as a way to secure your first home faster than you thought. Use credit score to buy first home? HUH??? Well fear not…

In this video, learn expert credit advice from industry professional Dino Katsiametis who has taken his years of experience and formulated it in this one-of-a-kind strategy you can only think of when you spend as much time thinking about real estate purchases as we nerds do. While this solution is not for everyone, it showcases just one of the creative ways to buy your first home we have implemented in this crazy housing market.

Below is an excerpt of the transcript from the interview with Dino:

SIDONI: As many of you know, if you’ve read the blog, Dino’s one of my Southern California major, big-time colleagues. We’ve been working together for a long time and we’re always talking about what’s going on. We’re always trying to help strategize for these first-time homebuyers. One of the things that we’re finding is it can get pretty complicated but if you’ve read the blog and you understand doing potentially lower down payments, you realize when you make those lower down payments, one of the variables in your new equation is going to involve PMI. Dino explain to us how the difference is if you are doing PMI? What your credit score is going to do to how much you pay?

KATSIAMETIS: It’s a huge factor in determining how much your PMI is going to be. Credit scores work in twenty-point increments. Let’s call it 680, 700, 720, 740, 760. Every twenty points, your PMI will drop. Maybe not all banks are like this, but the good ones are and the majority that I work with are. Obviously, the higher your credit score, the cheaper your PMI. To give you an example. If you had a 680 credit score as opposed to a 760, you could see a half reduction. If the PMI was, $200 a month, I bet you it’d be $100 a month with a 760 credit score. The credit score is ultra-important. Not to mention you get a better rate on top of it.

SIDONI: We dove right in there. We went right into the advanced level… Let’s go back to the basics. If you’re applying for a home and you’ve got a 680-credit score or even a 640-credit score, you can still get a home loan, correct?

KATSIAMETIS: Absolutely. There are many different varieties. It’s like a buffet when you’re getting along. The question is, are you at the cheap buffet or the expensive buffet? The expensive buffet has the better crab legs. The kind that you don’t have to break open twenty them to get a little bit of meat. What I mean by that is your credit score needs to be good. It doesn’t have to be, but it should be. The reason why it should be is because you’re going to get a much better loan.

#howtobuyahome #howtobuyahomeguy #firsttimehomebuyer #howtobuyahouse #creditscoretricks

Are Car Loans Revolving Debt, Improving Credit Score As A First Time Home Buyer to Purchase a Home | How to Buy a Home Podcast #56.

Financial Obligation Settlement Services – Do They Impact Your Credit History?

The application process is trouble totally free and takes about 12-15 days to process. There are 2 types of debt the secured and unsecured loan. Attempt to simplify it in language that you can comprehend.

Improving Credit Score As A First Time Home Buyer to Purchase a Home | How to Buy a Home Podcast #56, Get interesting videos relevant with Are Car Loans Revolving Debt.

Financial Obligation Settlement Is The Answer

We talked about the benefits of a Secured Debt combination loan, now let’s see the cons. This kind of financial obligation does not have actually collateral connected to it. Modification your frame of mind about debt.

Being under a financial obligation is an extremely undesirable scenario. Not just does it take away your psychological peace, it drains you physically also. The constant pressure of needing to clear a large amount of cash as your debt is very frustrating. But to tell you the truth there is financial obligation everywhere. In reality it is practically impossible to have a debt complimentary world where everything is negotiated in terms of credit. But debt is all right as long as the circumstance is under control. Problems take place when you have to struggle to clear your debts, provide up on the typical performance of life and when your entire world appears to be focusing on eliminating the debt. You loose out on your social and household life also.

Contact your lenders before signing up for a Secured Debt combination loan. Lots of business have choices for restructuring your payments, so that they’re straight paid.

Once you start it doesn’t take long to see the outcomes. It is type of like starting a workout and diet program. The weight starts to come off as soon as you take the very first action of consuming less and exercising more. Charge less and pay more and the financial obligation will fall straight off. In addition, when you have actually attained your goal of becoming financial obligation free you will feel the like you do when you achieve your weight reduction objective, you will feel better and be happier.

A bankruptcy attorney produces a terrific offer of experience and understanding. , if you want to become Debt Free you require to be effective in how you approach the procedures.. Those that are filing personal bankruptcy do not have such experience. This can undermine the effectiveness in being able to efficiently manage such a case.

What remains in your financial obligation basket? All debt is not developed equivalent and 10% of your rating is based on your credit mix. Banks will look at how much of your financial obligation remains in Revolving Debt (credit cards) and how much is in installment debt (vehicle loan etc) A Revolving Debt (charge card financial obligation) never goes away thus the name revolving however installment debt e.g. vehicle loan have an end in sight. So in order to enhance your FICO score you desire to pay your credit card financial obligation initially.

One payment versus lots of payments: The typical person of the USA pays 11 different financial institutions monthly. Making one single payment is much easier than determining who ought to make money just how much and when. This makes managing your financial resources a lot easier.

Visualize what you will have when you are debt totally free. How much additional cash will you have when you are not paying all that debt. Envision the better life you stop losing huge quantities of cash on interest payments.

Financial obligation is a problem that everybody faces eventually in his or her life. As it takes less time and makes your search immediate. Pawning is a basic definition of a Secured Debt.

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