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.
Buying a house during the time of Covid-19 has modified the way we look at buying a house. It can be a strange and oftentimes confusing process in general but things are different now. Most people are used to spending a couple Saturday and Sunday’s driving from house to house to see what each property looks like up close. Now open houses and tours of homes can be virtually and with little or no contact with anyone. With the internet you can look at an array of homes from your own kitchen table. While you can use these tools to narrow down a search, if you find a home you really like then it may be possible to reach out to the real estate agent for a personal look either virtually or in person with proper precautions taken. With the market being as up and down as it is you also have to be quite alert and on top of things to have a chance to buy your "dream home".
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Buying a home is an incredibly exciting and impactful undertaking for everyone from first-timers to retirees. Unfortunately, that excitement tends to blind people to the realities of their situation, resulting in mistakes that can have serious financial consequences. While first-time buyers are most prone to these errors, anyone can fall victim to them if they are swept up in the home buying process. To avoid these pitfalls, here are 4 questions that you must know the answers to before buying a home.
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