How Does Credit Affect Our Daily Lives? # 17 – Investing in Real Estate

Now is a great time to invest in the real estate market. Low interest rates and a record high number of foreclosures, allows buyers to take their pick of affordable property. The best way for anyone to invest the right way is to do your homework on a property and make sure you have what the bank wants to get your loan approved.

When buying a home, the banks want you to have three things before they consider your application. The first is a good credit score. This is very important because you can still get approved with a bad score, but you will pay for it. Bad scores can cost you big on interest rates and finance charges, which can add up to thousands of dollars every year. If you do have a bad score there are a couple options. You can take the time to pay your bills every month, not missing any or being late on any. This process can take months and even years however, and is not something you want to wait on, especially with the market so prime for investing. Your best option is to go with credit repair. A credit repair company can fix your number in a matter of weeks. They can repair it no matter what the reason it was damaged including, missed payments, identity theft, and anything else.

The next thing banks look at with filling out an application is that you have a steady income. They do not want to give anyone a loan who can not afford to pay it. Finally you need to have a down payment. It is very important to banks that you own a part of your property and few will give 100% financing anymore.

By David George

Source by David Lee George

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