While other sectors of the U.S. economy are steadily growing and finding their feet, the housing market continues to slump in the background.
Low home values have become problematic for individuals who have fallen behind on their payments or for those who are trying to unload their homes. In addition, interest rates on new mortgages are still relatively affordable, even for first-time buyers, The Wall Street Journal reports.
However, though current market prices may be appealing and low rates may have you ready to sign on the dotted line, a number of creditors are requiring borrowers to have higher credit scores and pay more upfront. As a result, if you're planning on buying a home, it's important to take all of the necessary steps to ensure your credit and finances are in order.
The key to improving credit is to check your credit report and score to know where you currently stand. When reviewing these documents, a number of consumers encounter questionable items and potential errors that may be unfairly lowering their credit score, and thus, worsening their chances of securing a mortgage.
Individuals who find themselves in this situation may want to contact a credit repair company to help them investigate and dispute the questionable mark. Credit repair specialists may be able to work with the creditor who reported the information to the bureaus, as well as the credit reporting agencies, to restore a borrower to a clean credit standing.