After finally purchasing a home, buyers are often dismayed to find that their credit score has taken a significant dip. If you just spent the last year working to boost your score and qualify for a mortgage, then it's understandable to be a little concerned at seeing it suddenly fall. To make the situation even more confusing, this decline often lags several months behind the home purchase, raising doubts about what actually caused it to happen. Luckily, recent studies shows that a drop in credit score following a home purchase is not only normal, but generally corrects itself in less than one year! Keep reading to learn why scores fall after buying a home, how large you should expect the decline to be, and when you can expect the score to return to normal.
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It is very important to not wait until a problem arises to realize that you may have been neglecting certain home maintenance problems that have been lurking right under your nose. Making sure that you tackle these simple checks and cleaning routines will help save you money in the long run.
Closing costs is something that people don’t often think about when they are looking to buy a home. It is important to make sure that you are prepared to cover these costs when you finalize your home purchase. They can account for 2-5 percent of the cost of the home, this can be an expense that can be a substantial amount. Budgeting for these costs will help make sure that you are not surprised by the amount.
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