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Warning: If You Skip this Home Buyer Tip, You Pretty Much Want a Headache

By Doug Francis

Did you think there wasn’t a top must do?

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Credit Agency data isn’t always clear.

This isn’t a tip exclusively for first-time home buyers, so please don’t think that you are too savvy to begin with a review of your credit report. The credit report and the resulting FICO Score hold the proverbial keys to your next castle, but can also be the stealthy iceberg that sinks the ship.

Why can’t it wait?

If you need to get something removed or identified as “closed” then it is essential to understand that changes need to “season” about thirty days to show up on the report. Some information may be old and you thought it had been taken care of, but know that it often does not get updated and now is your chance to set the record straight.

But my FICO Score is 720 which is considered excellent.

My point is that the specific mortgage interest rates offered to you depend 100% on your credit report and FICO Score. Gaining 25 points in your score may place you in the best pricing, knocking off .25 to .50 on the rates lenders offer you. That can mean real savings every year. (read as $$$$)

The other issue at hand which demands your attention right now (regarding taking a look at your report) is that assuming your report is “okay” is irresponsible. I have spoken with highly motivated home buyers who, once we say down to put together a plan, finally called a mortgage guy only find out that their credit report contained three or five errors that needed correcting.

Some current Vienna VA real estate buyer clients are having to wait out a reported billing error from their doctor’s office that was on the credit report and is causing an issue (and he is a CPA). It is a bummer, but they started early enough and can wait out the time-lag it takes to fix errors.

Any changes will need proper seasoning (about a month)

Many of the credit agencies can show you your report online (once you have paid) but start with the free Annual Credit Report that you are entitled to review.

  • AnnualCreditReport.com
  • Equifax Credit Report
  • TransUnion
  • Experian

So there is a top to the “must do” list for real estate advice, and reviewing your credit report and getting your FICO score is at the top of the heap.

Related articles
  • Afraid of Delaying your Closing?(dougfrancis.com)

  • Your Credit Score Matters More Than You Think (money.usnews.com)
  • Mortgage shoppers to get credit-score alerts automatically (seattletimes.nwsource.com)

Filed Under: Blog, Home Buyer Tips Tagged With: 22180, FICO, Home Buyer Tips, real estate, Vienna Virginia

About Doug Francis

A seasoned Realtor specializing in unique and new homes around Vienna, Virginia, Doug has seen consumer behavior, negotiations and communication styles change. At his original brokerage, he was the first agent to add an email address. Imagine! Outside real estate, he plays tennis, is a Washington Capitals fan, spends time with Skipper (his dog), and enjoys the restaurant scene in the DCA. He's a Boston University graduate who feels morning coffee is non-negotiable.

Vienna real estate agent Doug Francis

When we bought our house in Vienna, we were thinking about raising the kids, building an addition, and knowing the neighbors. Today, home buyers are attracted to Vienna because of the sense of community, walkability, and small town lifestyle.

So, what’s next after your 25 years? It’s a conversation many of my clients are having with me as they plan to move to the beach, travel, or get closer to grandkids. Helping them see their future, sell their current home, and move ahead with their updated plan has been an interesting new chapter.

My background: I am an active licensed agent in Virginia, have negotiated hundreds of sales contracts, work at TTR Sotheby’s International Realty in McLean, and still sell homes in all price ranges. I donate to the Town of Vienna tree replacement fund, participate in a neighborhood citizens association, and try my best to stay in shape.

Let’s discuss your moving plans: Email doug@dougfrancis.com or call me at (703) 304-6827 .  Cheers!

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About Doug Francis

I am a Realtor with TTR Sotheby's International Realty® just outside Washington D.C. in Northern Virginia. I'm licensed in Virginia with a focus on Vienna, VA real estate since 1991.

That deep knowledge is valuable, especially in today's fast-paced market where advice is critical. Although many of my clients are personally referred, I am available to help you too and am accepting new clients right now.

Feel free to contact me at 703-304-6827 or email me at doug@dougfrancis.com anytime!

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Doug: (703) 304-6827

TTR Sotheby's International Realty
6723 Whittier Avenue McLean, VA 22101

Office: 703-319-3344
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