Sam in Reverse

If you are hoping to get an approved mortgage for that home you are dreaming about, but your credit needs a little work, there are a few options you have. Working to improve your credit score before you apply for that mortgage means preparation and time. Here are a few tips to help you. In the six months prior to applying for a mortgage, plan to do (or not do) these three things: Check Your Credit Report Get a copy of your credit report and look it over thoroughly. Check it for errors and if you find any, work to get those mistakes fixed.

The country's fourth largest home loan servicer, Ocwen Financial Corp., is under fire for backdating foreclosure letters and other home loan correspondence, making appeals by borrowers almost impossible. Mortgage borrowers who were struggling to keep up their payments were denied the opportunity to rectify the problems with their loans and avoid foreclosure, according to an investigation by the New York State Department of Financial Services. The Atlanta-based Ocwen insists that the backdating was a result of software errors, but officials purport that the act occurred because of a broader problem: A corporate culture that disregards the needs of borrowers in order to pursue monetary gain.

When you buy a home, you aren't just acquiring a house: You are acquiring a new neighborhood too. As you check out a home, it's important to remember to take a good look at the neighborhood also. What should you look for in a new neighborhood? Check out these tips. Local Schools Find out which school district the house is located in. Research the public school and any private schools in the area. Things you might want to know about the schools include: Student to teacher ratios, grade levels, class sizes, extracurricular activities, tuition and fees.

When it's time to take a tour of that home you are considering, you may be wondering about the things you need to be looking for. Check out these five things you want to be sure to take a look at as you visit a home. Storage How much storage is there in the home? Take a good look at the closet spaces, utility room, kitchen cabinets, and basement. Will there be enough storage space in the home for you and your family?

Once you’ve decided to take the plunge and buy a home your first step is to educate yourself. The more you know about the home buying process the less stressful it will be for you to buy your first home. There are several terms which you may have heard but not quite understood over the years related to home buying. Let’s take a look at some of the most important terms you will come across during your experience. Appraisal An appraisal is required by the lender when you apply for a mortgage for a specific property. This inspection is performed by a licensed appraiser who will estimate the value of the property and home. Many times the appraisal also includes fair market pricing which lists other properties in the same area and their selling price. You can consider this your guarantee that you are paying an appropriate price for the home.