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Overcoming Debt to Purchase A Home

Posted on July 19, 2015 at 12:10 AM

A report by National Association of Realtors has stated that 88% of the buyers in the US have financed their home purchase. Despite this, many people have reported that the process of getting finance for their home buying endeavor is a nerve-racking experience. Many people put off their dream of buying a home because they find it hard to overcome their existing debt and purchase a home. Here are some simple tips on how to overcome your debt situation and purchase a home:

• Remove credit card inaccuracies

• Check if there are any co-signed obligations

• Negotiating one’s own debt

Remove credit card inaccuracies

Lenders delve into credit card inaccuracies before weighing their options. They look into every minute detail to make sure everything reported in the borrower's credit report is accurate and current. If there are any reports that say the borrower has a pending payment while it was still paid by him, then he must visit the concerned agency and get it cleared. Adverse reports should be removed irrespective of how many years have since passed.

Cosigner beware!!!!

Homeowners must be careful enough to check whether there are any co-obligations in his credit report or better yet, refrain from cosigning for other individuals. Although you as the person seeking funding may not feel responsible for this, in reality, (especially the lender’s reality) you are responsible. If the cosigner does not fulfill his or her obligation the creditor will be coming after you for repayment. Also when someone adds you as an authorized user of his or her credit account the corresponding debt will show on your credit report although you did not have to technically qualify for this debt.

If possible, negotiate one’s own unresolved debt

Every homeowner must take prudent steps on how to kick start the debt triage process. Even if there are outstanding debts, debtors can now reach out to their lenders and offer to pay at least half of the debt. This would help them to remove the maximum number of unpaid bills in the credit report and sometimes closing the case may be the best solution.

Mistakes can either be learning opportunities or hinder us from moving forward. Debt or not, people can make their home buying endeavor an easy task by approaching the best real estate solutions provider in the DC/MD/VA area. We are just a phone call away, Give us a call @ 443.219.7465 to set up an appointment. Check our Company Profile to learn more about your local real estate solutions provider.

 

Categories: Real Estate, Financial Literacy

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