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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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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