Hope Leitner, Realtor®, CRS

  August 7, 2023 For Buyers Foreclosures First Time Home Buyers Move-Up Buyers Buying Myths If you’re a homeowner, odds are your  equity  has grown significantly over the last few years.  Equity  builds over time as home values grow and as you pay down your home loan. And, since home prices skyrocketed during the  ‘unicorn’ years , you’ve likely gained more than you think. According to the latest  Equity Insights Report  from  CoreLogic , the  average homeowner has more than $274,000 in equity right now . That much equity can help you achieve certain goals. In a recent article,  Bankrate   elaborates:   “ While the pandemic created serious challenges, the silver lining for anyone who owned a home was the sizable equity gain. Understanding how home equity works, and how to leverage it, is important for any homeowner .” Here are a few examples of how you can put your home equity to work for you. 1. Buy a Home That Fits Your Needs If your current space no longer meets your needs, it might

If you're on the sidelines to buy a home, there are things you can do to be ready when you do get back in the game. Improve your credit score to qualify for the best mortgage rate available which are reserved for those with the highest scores.   Get a copy of your current credit reports from all three of the main credit bureaus: Equifax, TransUnion, and Experian.   You can get them at AnnualCreditReport.com without paying for them. While you won't see a credit score on these reports, you will see a history of your available credit accounts.   According to the Federal Trad Commission, one in five people have at least one error on one of their credit reports which can lower your score or increase the cost or likelihood of receiving new credit.   Identify and correct these mistakes.   Explain in writing the error in the report and include copies of documents that support your dispute.   Both the credit bureau and the business that supplied the information must co