Are you considering buying a Northern VA home, know your credit score by obtaining a copy of your credit report. Verify that all the information on your report is accurate and if you find an issue, work to correct the mistakes. The higher your score, the more likely you will be to receive a better interest rate for your mortgage, which will translate into more ‘home for your money.’

Many first time buyers in Northern VA believe that they need a 750 FICO® Score or higher to be able to purchase a home. The truth is that according to Ellie Mae’s Origination Report, over 53% of loans were approved with a FICO® score under 750 last month!

Here are some tips for improving your credit score:

• Keep your spending to no more than 30% of your limit on credit cards.

• Pay down high-balance credit cards to lower balances, and consider balance transfers to free up credit.

• Make payments, including rent, credit cards, and car loans, on time.

• Check for errors on your credit report and work toward fixing them.

• Work with a credit counselor or a lender to improve your score.

• Shop for mortgage rates within a 30-day period — too many spread-out inquiries can lower your score.

Once you know your score, your next step will be finding a lender and getting pre-approved for a mortgage. Doing this will ensure that you know your budget before you start looking for your dream home.

When hiring an agent, experience is everything during price negotiations, negotiating the home inspection, contract terms, contract disclosures, and so many other aspects of real estate purchase. I have the experience necessary and the market knowledge in Arlington, Alexandria, Burke, Centreville, Chantilly, City of Fairfax, Falls Church, Great Falls, Herndon, McLean, Reston, Vienna or any area of Northern VA.

Article originally posted on my KCM blog, here.