Terra Schrader discusses the benefits of buying a home and how she serves her clients and Realtor partners.
Listen to the interview on the Business Innovators Radio Network:
Terra explained, “It can be challenging to buy a home for the first time if you have damaged or bad credit.”
However, there are a few things one can do to improve chances of getting approved for a mortgage:
- Get a copy of the credit report and score from all three major credit reporting agencies.
- Review the credit report for any errors or inaccuracies. If there are any, dispute them with the credit bureau.
- Pay down debts, particularly revolving debts like credit cards.
- Save up for a larger down payment. A down payment of 20% or more will improve the chances of getting approved for a mortgage.
- Find a cosigner who has good credit. Having a cosigner with good credit will improve chances of getting approved for a mortgage.
- Consider an FHA loan. Loans backed by the Federal Housing Administration are often more forgiving regarding credit history.
Schrader concluded, “Following these tips can improve your chances of buying a home for the first time, even if you have bad credit. Talk to a mortgage lender to learn more about your options.”
Video Link: https://www.youtube.com/embed/XFhVhRgpB7A
About Terra Schrader
Terra is a native of the Rocky Mountain Region and spent a lot of my time growing up in the mountains at her dad’s ranch, and yes, she has gone on a cattle drive. For over 17 years, she worked in Property Management, helping people rent homes and handling any issues that could arise. She decided to help renters and anyone wanting to purchase homes instead. When she was a renter, it never occurred to her that she could be in a position to buy her own home. She always thought it was this scary and difficult process that she could never be approved for. After talking and working with multiple loan originators, she found one that made it seem feasible and less scary and decided that was what she wanted to do. Take something that can be scary to so many people and make something that seemed unfeasible feasible.
She has two boys, and has to be on her toes to keep up with their shenanigans. Outside of the office she is a history nerd and can listen to history documentaries forever. She is also a fan of dry wit and humor. She is such a nerd that she purchased actual Titles from Scotland. So, she is actually Lady Terra Schrader.
Learn More: https://ladyterraschrader.com