Anyone who has always dreamed of owning a second home in Miami knows that now there are more nice Miami homes on the market then there ever has been in recent memory. Foreclosures, distressed sales and people just looking to get out from under their oppressive loan terms. The Miami real estate market is now full of deals that aren't going to last, as soon as the economy turns itself back around. So, its act now or forever hold your peace, but there are a few things that have to be taken into consideration.
Shell Shocked Mortgage Lenders
The days of easy credit are long gone and loan institutions are holding potential borrowers to much higher standards these days. This means that even if you own real property with substantial equity in it, it may not be enough to satisfy the new criteria of todays “shell shocked” home mortgage lenders.
Three Separate Credit Reports
Home lenders are now taking a much closer look at their loan applicants credit reports and that means that you will have yours closely examined as part of the loan application process. Have you taken a look at your credit report lately? In fact, the correct question should be have you take a look all three of them.
Free Annual Credit Reports
There are three major credit reporting agencies in the U.S. and if you assume that each one will provide an identical credit report on you, you may be wrong. So, you will need to contact each one of them and get the free copy of your credit report that you are entitled to by law once a year.
Examine Your Credit Reports Carefully
Even if you are operating under the assumption that you have good credit, you may be surprised to learn that mistakes on credit reports are quite common. By far the most common mistake is negative information that has remained on a report after its time limit has expired. Negative credit can only remain on a credit report for seven years after the date of the “last action on the account” that caused it.
Written by Mandel Dominus. Come visit my website for the top information on Miami Home For Sale and even the best info on Miami Short Sale.