Do you know what your credit score is? have you had it pulled recently? are you aware of what is bringing it down? do you have a large amount of debt leveraged or do you any charge off's or accounts in collection?
Do you know what kind of financing you will be looking at doing ( it will also depend on your price range) FHA or conventional? Depending on the type of financing, it may or may not be necessary for a large down payment. All mortgage loan providers are different. I would need to know a little more about your situation to be able to direct you to one that will fit what you are needing.
It is always important to look at the future prospects. Knowing your credit score is just one factor. Talk with a mortgage lender, such as Lydia Reyes with Sente Mortgage to review your available purchasing power, your current debts to your income and what you may net from the sale after paying commissions and closing cost. A good agent will help you price your property to meet market demand by pricing it to move quickly and net you the amount you are looking for to use on your next purchase. Your agent will working with your lender also to find your next home so that both transactions move smoothly. I have recommended for years to purchase a note book that has 3 sections. The first section for your questions, leave space for answers. A middle section for properties you review. If you don't like it don't tear it out, just write in red why you don't like it. you may come back to it later. And the last section for notes, thoughts, items you want to think about (paint colors, appliances and where on sale, etc.
Use your agents knowledge and experience as your guide.
Yes, a big down payment will definitely help you fund your next home! I can put you in touch with a good mortgage lender who can talk with you over the phone about your unique situation. Also, perhaps you need a current market analysis on your home so that you will know how much equity you will have. Happy to help- just call!
Hi Robert! I highly recommend talking to a local lender or bank, they usually work with credit repair advisors. These professionals can show you which debt is best to pay off and in which order. There are some valuable tips on how to raise your credit quickly...best of luck!
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