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    Thinking About Buying? Know Your Credit Score

    Knowing your credit score or getting a recent copy of your credit report is one of the first steps that you can take toward knowing how ready you are to start the home buying process.

    Make sure all the information listed on your report is accurate and work to correct any mistakes. The higher your credit score, the more likely you will be to receive a better interest rate for your mortgage, which will translate into more ‘home for your money.’

    Many potential buyers believe that they need a 750 FICO® Score or higher to be able to purchase a home. The truth is that according to Ellie Mae’s Origination Report, over 53% of loans were approved with a FICO® score under 750 last month!

    Here are some tips for improving your credit score:

    • Make payments, including rent, credit cards, and car loans, on time.
    • Keep your spending to no more than 30% of your limit on credit cards.
    • Pay down high-balance credit cards to lower balances, and consider balance transfers to free up credit.
    • Check for errors on your credit report and work toward fixing them.
    • Shop for mortgage rates within a 30-day period — too many spread-out inquiries can lower your score.
    • Work with a credit counselor or a lender to improve your score.

    Once you know your score, your next step will be finding a lender and getting pre-approved for a mortgage. Doing this will ensure that you know your budget before you start looking for your dream home.

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    Danny Cheung

    I spent over twenty five (25) years with the Department of Defense in the hardware/software design and development as well as program management prior to joining the Group in a full time capacity. I am thrilled to put my years of experience as an Electronics Engineer to assist and lead our Real Estate Group to the next level. I am committed to establishing the tools and resources necessary for our team members to work more seamlessly and effectively thus ensuring our clients full satisfaction. My wife and I have two daughters and a dog (he's more like our son). I enjoy travelling and watching sports especially football…Go Skins!

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