Jennifer Syer's Blog

Boosting your credit score takes time and responsible financial management.

Here are three simple ways to help improve your credit score:

01 – Pay Your Bills on Time:

Payment history is one of the most significant factors affecting your credit score. It’s important to consistently pay your bills on time. This demonstrates responsible financial behavior and can have a positive impact on your credit score.

Pro Tip: Set up reminders or automatic payments to ensure you never miss a due date.

02 – Reduce Credit Card Balances:

Your credit utilization ratio (which is the amount of credit you’re using compared to your total available credit) is another crucial factor in your credit score. Aim to keep your credit card balances low, ideally below 30% of your credit limit.

Consider paying down high-interest credit card debt or transferring balances to cards with lower interest rates to make it easier to reduce your balances.

03 – Regularly Review Your Credit Report:

Obtain free copies of your credit reports from the three major credit bureaus (Equifax and TransUnion) annually and review them for errors or inaccuracies. Credit Karma is a free tool that is helpful as well but is only a guideline, not always a valid source.

Dispute any inaccuracies you find on your credit report with the respective credit bureau to have them corrected. Accurate reporting is essential for a healthy credit score.

Additionally, you can also consider other strategies like diversifying your credit mix by having different types of credit accounts (e.g., credit cards, instalment loans) and refraining from opening too many new credit accounts at once, as each hard inquiry can temporarily lower your score.

Remember that improving your credit score takes time and patience! Be consistent in practicing good financial habits, and your credit score will gradually improve over time.

Some lenders also assist with credit repair and guidance. If you have any questions, or need lender recommendations , please don’t hesitate to reach out!

Tips for First-Time Homebuyers

Congratulations on embarking on the exciting journey of becoming a first-time homebuyer! Here are the top 10 tips to help you make informed decisions and navigate the homebuying process successfully:

First things to do is determine your budget! Before you start looking at homes, assess your financial situation and set a realistic budget. Consider all costs, including the down payment, closing costs, monthly mortgage payments, property taxes, and homeowners insurance.

The second thing I recommend is getting pre-approved for a mortgage. Obtaining a pre-approval from a lender will give you a clear idea of how much you can borrow and help you focus on homes within your budget.

Next, you should make a list of priorities and things that are important to you. Know what features and amenities you want in your new home. Determine your must-haves, preferences, and deal-breakers to streamline the search process.

Next step is to work with a reliable real estate agent (aka me). A knowledgeable real estate agent can be an invaluable resource. They can help you find suitable properties, negotiate on your behalf, and guide you through the paperwork.

This step is often over-looked but consider the future! Think about your long-term plans and whether the property meets your future needs, especially if you plan on staying there for several years.

Regarding budget, I recommend staying within your means. It’s essential to resist the temptation to overspend on a home. Remember, owning a home comes with additional costs, so make sure you can comfortably afford it without stretching your finances too thin.

After you find the perfect home for you and your family make sure you and your agent negotiate wisely! Don’t be afraid to negotiate with the seller. Your agent can help you make a reasonable offer based on the market value and property condition.

Lastly, don’t forget to review all paperwork. When you’re ready to make an offer, carefully review all the documents and contracts involved in the transaction. Seek legal advice if needed.

Bonus Tip: Don’t rush! Take your time to find the right home that aligns with your needs and budget. The process might be overwhelming, but it doesn’t have to be! I will guide you through the entire process to find the best home for you and your family.

Happy house hunting, and best of luck with your first home purchase! Message me today to talk about next steps.

How Long Does It Take to Close on a Home?

The time it takes to close on a home can vary depending on several factors, including the specific circumstances of the home purchase and the parties involved. On average, it typically takes around 30 to 45 days to close on a home after the purchase agreement is signed. However, it’s important to note that this is just an estimate, and the actual timeline can be shorter or longer depending on various factors, such as:

1. Mortgage Financing: If you’re obtaining a mortgage to purchase the home, the timeline can be influenced by factors such as the lender’s efficiency, the complexity of the loan application, and any potential delays in obtaining the necessary documentation or appraisal.
2. Home Inspection and Appraisal: The time it takes to schedule and complete a home inspection and appraisal can impact the closing timeline. If any issues or discrepancies are found during these processes, it may require additional negotiations or repairs, which can extend the closing timeframe.
3. Title Search and Insurance: A title search is typically conducted to ensure there are no outstanding liens or claims on the property. This process can take a few weeks, and obtaining title insurance may also be necessary, which can add additional time.
4. Contingencies and Negotiations: The presence of contingencies in the purchase agreement, such as a home sale contingency or repairs requested by the buyer, can affect the closing timeline. If negotiations or resolutions are required, it may lengthen the closing process.
5. Local Factors and Seasonal Variations: The time required to close on a home can vary depending on local customs, regulations, and the workload of the professionals involved, such as real estate agents, lenders, and attorneys. Additionally, certain seasons or times of the year, such as holidays or peak buying seasons, can result in increased demand and potentially longer closing times.

It’s essential to work closely with your real estate agent, lender, and other professionals involved in the process to get a more accurate estimate of the closing timeline for your specific situation.