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Welcome to the Credit.com newsletter!
Each month, this free email newsletter delivers easy-to-read
tidbits about credit directly from personal finance experts.
In this issue we're talking about buying a home, paying
your taxes with a credit card, ChoicePoint and VantageScores.
We'd love to hear from you! Send
us an email with your credit questions or comments
anytime! |
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Featured Article
ChoicePoint
made headlines in 2005 with a data theft case involving
163,000 consumer records. In this article, our team
of credit experts asks ChoicePoint's Matt Furman about
identity theft and security.
Find
out more
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On the Blog
Equifax,
Experian and TransUnion joined together to launch the
VantageScore
last month. In this post, a former FICO insider goes
beyond the hype to explain what the VantageScore means.
Read
more about the VantageScore. |
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Home Buying Boot Camp
You can save thousands on a home by doing a little research and
preparation before you buy. The mortgage industry is complicated,
and it helps a lot to know the drill. Credit.com's home buyer boot
camp shows you exactly what you need to know before becoming a homeowner.
Crunch the Numbers
Before
you start shopping for a home, take a few minutes to evaluate your
options. Credit.com's free
calculators can help you decide how much you can afford,
if it is better to rent or own, what kind of mortgage is best, and
how much you should save for a down payment. You should also spend
some time researching the housing market in your area. Doing a bit
of research in advance can help save you time later.
Beef up your Credit
Your credit standing plays an important role in determining your
mortgage rates. You should check all three of your credit reports
and credit scores online a few months before you plan to buy a home.
Simple credit improvements, such as removing inaccurate information,
can turn into major interest rate savings. Read more about how to
improve your credit.
Pre-Approval Push-Ups
The next step is to go through the "pre-approved" process
with a mortgage lender. Being pre-approved for a mortgage will help
you evaluate what you can afford to buy. It will also help your
real estate agent narrow his or her search and will help you negotiate
with a seller. Avoid "pre-qualification" letters that
are little more than an estimate. Remember: your pre-approval is
for the maximum amount you can potentially borrow. This is not the
amount that you should spend or that you can comfortably afford
each month.
Find a Good Sergeant
Working with a trusted real estate agent is a key part of the home
buying process. A good realtor can help you find the home of your
dreams at a price you can afford. You can search online for real
estate agents in your area. Plus, this service lets you compare
experience, commission rates, and more.
Pass the Home Inspection
Always arrange for a home inspection before you agree to buy a house.
Home inspectors will look at a home's heating, plumbing, and
electrical system as well as the foundation, floors, walls, ceiling,
and basement. At the end of their inspection, they provide you with
a report of their recommendations and repairs. A $200-400 inspection
could potentially unveil serious problems with the home that need
to be fixed before your purchase.
Now you're ready to become a homeowner! These five home buying
tips should help you save a bundle and buy a home stress-free.
For Tidbits® Readers Only!
Download an exclusive article by mortgage expert Randy Johnson:
"Almost
Everything you Know About the Mortgage Industry is Wrong."
This article reveals the common myths and scams involved in the
home loan industry!
Quote of the Month
Money
is a terrible master but an excellent servant.
- P.T. Barnum
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