With Baby Buck quickly growing everyday and interest rates at historic lows, I figured now is the time to jump into home ownership. After months of visiting open houses, we finally found our dream home. It’s been a long process with tons of paper work, but one thing that never bothered me at all was loan shopping.
I’ve been fortunate and diligent about my credit score throughout the years. I carried minimal debt and paid credit card bills in full every month. The one or two times I did miss payment, the credit card companies were understanding and waived my late fee as a courtesy.
However, if your credit score isn’t spotless, make sure to get a credit check so you know what you’re up against. Ignorance is not bliss. Going in blind for big ticket items like a new home or car could cost you tens of thousands of dollars. Do your due diligence and learn ways to improve your score. With improved credit scores, more loan options will be available making your big ticket purchase that much smoother and cost effective. You don’t have to leap at the first option you get and therefore you won’t get price gouged in the process. I always thought loans were pretty much the same with slight variations in interest rates. However, if you have less desirable credit scores, banks will either charge you a hefty premium or deny your loan because you are too risky. Remember sub-prime lending?
If you are preparing to get a loan, you owe it yourself to know your credit score. Why be under prepared on the biggest purchases of your life? By being more aware you can properly gauge your expectations and make the best financial decision possible. Back in the day, credit checks cost money. Can you believe it? If you don’t know your credit score, I highly suggest using GoFreeCredit.com to get your free score and even daily monitoring if you so choose to have that additional feature. You can do so by clicking this link or the banner above.