Are You Ready To Own Lexington, Kentucky Bluegrass Real Estate?

Written by Miranda Hinchman 01/15/09

A home? A horse farm? You’ve finally decided you want to buy a piece of Lexington, Kentucky real estate.  What do you do now?  Here are a few tips for getting the best deal for your money:

Check Out Your Credit

The first thing you’ll want to do is order a copy of your credit report  from the three major credit bureaus:  Experian, TransUnion, and Equifax. It is now a law to your benefit that you can get one free credit report per year. Once you get it, look for inaccuracies in:

* Name
* Address
* Creditors
* Late payments
* Delinquencies

After you’ve reviewed your credit report and know your credit score, you’re ready to make improvements to your report.  You can send a written “Notice of Correction” to the credit bureaus.  It can be up to 200 words.  If needed, you can explain why you fell behind on a particular debt, and every time a lender accesses the report, they’ll see your explanation.

It can take several months to for your credit score to go up.  However, it's well worth the effort to get a better interest rate.  It can save you thousands on your Lexington, Kentucky real estate.

What’s Next?

Before you start looking at properties, it’s a good idea to get a pre-approval  letter from a lender.  The lender will take into consideration your income and credit history.  Then they’ll determine what loan amount you can be approved for.

Most pre-approval letters list the maximum amount that you are approved for, not necessarily the amount you can afford.  Look carefully at your budget so that you don’t get too excited about the number and get into more house than you can afford. An experienced Realtor can recommend a mortgage professional that can assist you with this process.
 
A pre-approval letter will give you and your agent an idea of what houses to look at, and no time is wasted seeing properties that you can’t afford.  Prospective sellers may also give your bid more weight if you have a pre-approval letter and this happens more that you think.

Whether you are a first-time buyer, an experienced buyer wanting to upgrade or someone that is looking for investment property?  You have just made a fabulous decision for your future.  There are tons of great buys in the Lexington, Kentucky real estate market. You have plenty to choose from including; new homes, older houses, short sale or forclosures. I'm a specialist in this community and would love to help you buy the home of your dreams. I would appreciate the opportunity. Call me now at 859-621-8073 or email me here. Our website discusses many reasons why hiring a Realtor is advantageous to you.