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

December 18, 2010 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)
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Filed Under: Blog, Home Buyer Tips Tagged With: 22180, FICO, Home Buyer Tips, real estate, Vienna Virginia

About Doug Francis

A Realtor specializing in unique and new homes around Vienna, Virginia, Doug started writing a first-hand blog about his everyday real estate experiences a decade ago. In depth, helpful and fun has always been the objective. Outside real estate, he was profiled in a commercial for Verisign's "Where the World Clicks" campaign, and was quoted in Money Magazine's Best Places to Live article on Vienna. He's a Boston University graduate who feels morning coffee is non-negotiable.

Helping my clients add value to their home has always been important to me. My step-by-step recommendations are intended to increase market appeal, return more then invested, and help net more when selling.

Beyond just sellers, I have helped many new homeowners make smart design decisions when remodeling. We gutted our house and totally remodeled it, and I pass that experience along because living in a nice house is simply better.

My background… I’ve been an active licensed agent in Virginia for 25 years, work at TTR Sotheby’s International Realty in McLean, and 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.

Questions? Email doug@dougfrancis.com or call me at (703) 304-6827 to discuss your plans. 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 have been a full-time Realtor licensed in Virginia since 1991, and cover a big territory specializing in the Vienna real estate market and custom homes for sale.

I have unique knowledge of digital real estate marketing, and my marketing starts here. My clients have been attracted to my results-oriented strategy for years, and I am accepting new clients for Fall 2022 right now.

Thanks for reading, and feel free to contact me at 703-304-6827 or email me at doug@dougfrancis.com anytime!

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

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