Ways to Prepare Your Credit for Home Ownership by - City News Group, Inc.
View Upcoming Events View Your Local Sales

Community Calendar

◄ OCTOBER ►
S M T W T F S
27 28 29 30 01 02 03
04 05 06 07 08 09 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31
View Events
Submit Events
directory

Ways to Prepare Your Credit for Home Ownership

By ,
August 11, 2015 at 11:37am. Views: 265

Homeownership is a dream for many Americans, and maybe it's one of yours as well. Making this dream a reality requires hard work, dedication and the proper preparation. You must figure out where you want to live, what type of home you desire, what you can afford and also how your credit rating may impact your home-purchasing goals. Your credit rating can play an important role in the home buying process, and your creditworthiness could also affect the amount that you can borrow, the interest rates you will qualify for and your ability to obtain a mortgage loan in the first place. "A consumer's credit is one of the biggest factors that goes into the mortgage-application process," says Eric Hamilton, President of Vanderbilt Mortgage and Finance, Inc. "Before applying for a loan, it is crucial to get your credit in the best shape you possibly can." To help you build good credit and increase your ability to obtain better loan terms, Vanderbilt Mortgage and Finance, Inc. offers these tips for improving your credit: Pay your bills on time Late or missed payments on any of your credit accounts, such as credit cards, mortgages and other loans, could cause a drop in your credit score. To prevent this, make your payments on time. Making additional payments whenever possible and paying extra toward the principal balance will also help to keep a good payment history and decrease the payoff timeline. Using an Extra Principal Payment Calculator tool can also help you calculate the savings that come with paying extra - generating additional motivation to do so. Minimize any outstanding debt and keep existing debt manageable Paying your statement balances in full instead of letting debt accumulate can improve your credit scores, which may result in better terms being offered from lenders. Lenders often check your credit report when you apply for a loan and measure the amount of debt you're carrying against the loan amount they've requested. Excessive debt is one of the factors that could cause a lender to decline your application. Avoid applying for unnecessary credit Credit applications can appear as inquiries on credit reports, which may suggest to lenders that an applicant is taking on additional debt. Be aware of advertising or sales promotions that offer purchase discounts if you apply for a credit card. Even these cards could show up as inquiries on your credit report. These inquiries remain on credit reports for two years. Instead of applying for additional credit, use your existing lines of credit to showcase your responsible credit management by paying bills on time and paying off the debt quickly. "There are a lot of steps you can take to improve your credit, but it's important to remember that credit scores don't change overnight," says Hamilton. "It takes time to increase your credit rating, and while it may feel like a slow-moving effort, it is well worth the wait when you get to open the door to a home of your own for you and your family." * NMLS Disclosure Vanderbilt Mortgage and Finance, Inc., 500 Alcoa Trail, Maryville, TN 37804, 865-380-3000, NMLS #1561, ( http://www.nmlsconsumeraccess.org/), AZ Lic. #BK-0902616, Loans made or arranged pursuant to a California Finance Lenders Law license, GA Residential Mortgage (Lic. #6911), Illinois Residential Mortgage Licensee, KS Licensed Mortgage Co. (SL.0000720), Licensed by the NH Banking Department, Mississippi Licensed Mortgage Company, MT Lic. #1561, Licensed by PA Dept. of Banking.

Related Articles

Photo Courtesy of: The CARE Project inc.

By Carl M. Dameron, Contributing Writer

October 20, 2026 at 03:09pm. Views: 620

Photo caption: The CARE Project’s Vice President, Diana Jaurigue, with President & Founder Carrie Madrid, who is wearing the LympheDIVAS compression sleeve on her left arm. Donated compression garments help manage swelling and are essential to daily care for many breast cancer survivors.

Photo Courtesy of: Feeding America Riverside | San Bernardino

By Rachel Bonilla, Community Writer

October 27, 2026 at 02:37pm. Views: 168

Feeding America Riverside | San Bernardino (FARSB) has once again partnered with ALDI for their annual volunteer event, where team members packed over 1,300 food boxes with various shelf-stable items to be distributed for disaster relief as needed.

Photo Courtesy of: CIty News Group

By Ruby Stephenson, Community Writer

October 20, 2026 at 04:11pm. Views: 1492

An October 2026 study from Loma Linda University suggests a simple dietary change may influence inflammation-related measures in older adults. A bowl of walnuts sits alongside a nutritious breakfast, illustrating the everyday dietary choice examined in Loma Linda University research.

Photo Courtesy of: City News Group - AI Illustration

By Hattie Strong, Community Writer

October 27, 2026 at 02:38pm. Views: 134

Loma Linda University Children's Health Specialty Clinics, a new five-story, 105,000-square-foot facility designed to bring more than 21 pediatric specialties together. The facility is expected to begin serving patients in early 2027.This is an AI-generated illustration, not a verified photograph of the actual building.

Photo Courtesy of: https://wellri.com

By Stella Pierce, Community Writer

October 27, 2026 at 02:38pm. Views: 131

An October City announcement draws attention to an everyday household practice with benefits for food budgets, kitchen safety and the environment. A basket of fresh produce can represent a week's worth of meals, the results of a successful backyard harvest or an unexpected bargain at the grocery store. Yet without proper storage, even the freshest fruits and vegetables can spoil before a family has an opportunity to use them.

Photo Courtesy of: City News Group - AI Illustration

By Ruby Stephenson, Community Writer

October 27, 2026 at 02:38pm. Views: 169

An October announcement highlights how investigative technology and cooperation among law enforcement agencies can help solve crimes affecting Grand Terrace neighborhoods. For residents of Grand Terrace, home is more than an address. It is where families gather, children grow up and neighbors build relationships over many years. When a residential burglary occurs, the effects can extend beyond the property taken or damage caused. A crime inside someone's home can undermine the sense of security that makes a neighborhood feel safe.

Photo Courtesy of: City News Group - AI Illustration

By Amanda Spencer, Community Writer

October 27, 2026 at 02:38pm. Views: 131

The rumble of a commercial truck passing through a city can represent two very different things. For a business awaiting a delivery, it may signal the arrival of essential supplies. For residents living near a busy roadway, it may raise concerns about traffic, noise and safety. In Grand Terrace, finding a reasonable balance between those interests is at the center of an ongoing transportation planning effort.

Photo Courtesy of: City News Group

By Amanda Spencer, Community Writer

October 20, 2026 at 03:49pm. Views: 542

Secure drop box is located outside the Grand Terrace Library, on the west end of the Civic Center building at 22795 Barton Road. According to the City, it will remain accessible 24 hours a day, seven days a week, until 8 p.m. on Election Day, Tuesday, November 3. The San Bernardino County Registrar of Voters is responsible for operating the box, collecting ballots and transporting them for election processing.

Photo Courtesy of: City News Group

By William Cortez, Community Writer

October 7, 2026 at 10:47am. Views: 1311

Young readers made a splash during the County Library’s 2026 Summer Reading Program, discovering new books, building reading skills and celebrating a summer filled with learning and imagination. Read more below to see how local readers made waves this summer.

Photo Courtesy of: Dignity Health’s - Community Hospital of San Bernardino and St. Bernardine Medical Center

By Amanda Spence, Community Writer

October 27, 2026 at 02:40pm. Views: 189

SAN BERNARDINO, CA – Oct. 27, 2026 – Dignity Health’s - Community Hospital of San Bernardino (CHSB) and St. Bernardine Medical Center (SBMC), members of CommonSpirit Health, announced today they earned 8 recognitions from Healthgrades, a national leading resource for patients seeking information about hospitals and physicians. The 2027 honors recognize their collective commitment to delivering clinical excellence and compassionate care to patients.

Photo Courtesy of: https://jobs.saic.com/

By Ruby Stephenson, Community Writer

October 27, 2026 at 02:39pm. Views: 180

For veterans returning to civilian life, completing military service is often the beginning of another demanding transition. Finding employment, translating military experience into civilian qualifications and navigating available benefits can require considerable time and assistance. Even veterans with extensive leadership and technical skills may encounter difficulties identifying opportunities that match their experience.

Photo Courtesy of: City News Group - AI Illustration

By William Cortez, Community Writer

October 27, 2026 at 02:39pm. Views: 177

Running shoes, colorful clothing and a willingness to have fun will take center stage in Moreno Valley on Saturday, November 14, when the city hosts its 2026 Fun Color Run at the Civic Center Amphitheater. Residents will have a chance to experience an event where the goal is not necessarily to finish first, but to participate, laugh and cross the finish line with a colorful memory of their community.

--> -->