Terra Schrader discusses the benefits of buying a home and how it serves its clients and real estate partners.
Listen to the interview on the Business Innovators Radio Network:
Terra explained, “It can be difficult 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 the chances of getting mortgage approval:
- Obtain a copy of the credit report and score from the 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 off your debts, especially revolving debts like credit cards.
- Save for a larger down payment. A down payment of 20% or more will increase the chances of getting approved for a mortgage.
- Find a co-signer who has good credit. Having a co-signer with good credit will increase the chances of getting approved for a mortgage.
- Consider an FHA loan. Loans backed by the Federal Housing Administration are often more lenient when it comes to credit history.
Schrader concluded, “Following these tips can improve your chances of buying a first-time home, even if you have bad credit. Speak to a mortgage lender to learn more about your options.
Video link: https://www.youtube.com/embed/XFhVhRgpB7A
About Terra Schrader
Terra is originally from the Rocky Mountain region and spent much of my time growing up in the mountains on her father’s ranch, and yes, she rode cattle. For over 17 years she worked in property management, helping people rent houses and dealing with any issues that might arise. She decided to help tenants and anyone who wanted to buy houses instead. When she was a tenant, it never occurred to her that she might be able to buy her own house. She always thought it was this scary and difficult process that she could never be approved for. After talking and working with several loan originators, she found one that made it doable and less scary and decided that was what she wanted to do. Take something that can scare so many people and do something that seemed impossible.
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 buff and can watch history documentaries forever. She is also a fan of dry wit and humor. She’s such a geek that she bought real titles in Scotland. So she is actually Lady Terra Schrader.
Learn more: https://ladyterraschrader.com