Kickstart Your Homeownership Journey in 2024: from renter to homeowner.

Are you dreaming of trading your rent receipts for home keys in 2024?  
With the right preparation, this dream can become your reality, even if credit concerns are looming in your mind.
Most renters understand they have to have good credit to buy a home, but aren’t certain what that means.
 Here's how you can pave your path to homeownership!

Understanding Credit and Its Impact on Your Homebuying Plans
Your credit score is like a financial fingerprint that lenders use to gauge your reliability. It's crucial because it influences your mortgage rate, which affects the total interest you'll pay. Don't worry if you're not in the 'perfect credit' club; a score in the 'Good' range (670 to 739) is a fantastic start, and the 'Very Good' range (740 to 799) could unlock even better rates.

 An article from CNBC explains:
“When it comes to mortgages, a higher credit score can save you thousands of dollars in the long run. This is because your credit score directly impacts your mortgage rate, which determines the amount of interest you’ll pay over the life of the loan.”
And 

As FICO says” 
“While many lenders use credit scores like FICO Scores to help them make lending decisions, each lender has its own strategy, including the level of risk it finds acceptable. There is no single “cutoff score” used by all lenders and there are many additional factors that lenders may use to determine your actual interest rates.”

The Path to a Solid Credit Score
Building your credit is a journey, and understanding how credit is calculated will help:
- Payment History: Timely payments boost your score, so keep those bills in check.
- Credit Utilization: Using less of your available credit is better. Aim to keep balances low.
- Credit Inquiries: Hold off on new credit applications as they can temporarily ding your score.

Partner with a trusted lender who understands your unique financial landscape and can navigate you through the nuances of credit scores and mortgage rates.

If credit concerns are making you think you should sign another lease- try this free online Credit improvement class offered by Supreme lending - there is no obligation or cost or commitment . 

The Clareo Commitment
Our team at Clareo Real Estate is dedicated to turning your homeownership aspirations into success stories. We're here to demystify the process, from credit scores to closing day.

Bottom Line: Elevate your credit, unlock better mortgage rates, and step confidently towards buying a home in 2024. Let's connect and make your dream home a part of your new year's resolution!