You scored your first home mortgage. No more renting! Now what? It's time to celebrate!
- Break out the champagne and host a house warming party. Seems like a no-brainer, but why not celebrate with family and friends. Plus, you might get some cool gifts.
- Buy a plaque that reads "Established 2019." Or whatever year it is you're buying the house.
- Pay your first monthly mortgage payment early (or doubled). This would be a responsible way to celebrate. It also saves you money - paying an extra mortgage payment every year can shave years off the loan.
- Take treats to all your new neighbors. This could help butter them up when it comes time to throw that house warming party and your friends get a little obnoxious.
- Hold a ticker-tape parade. Because hey, why not?
Don't have your first home mortgage yet? One of the key first steps is making sure your credit is in order. Here's an excerpt from our free credit guide for mortgages, "The Road to Mortgage Ready Credit."
Credit Reports and Your Rights
When it comes to your credit report and credit history, you have rights. After all, it's your credit report. The federal government says you actually have the legal right to get your credit report once a year from each of the 3 credit bureaus. That means you can actually check your credit report 3 times per year.
Stagger the Reports
While you’re entitled to one report from each of the credit bureaus every year, it’s a good idea to space them out over the course of that year. This way you're monitoring your credit activity throughout the entire year. For example, start
the year with a report from Experian. Four months later check in with TransUnion. Then another 4 months later, retrieve your report from Equifax. This way you’re keeping a constant watch over your credit history and the safety of your identity (This is simply an example. You can check with any of those credit bureaus in any order you’d like).
Don’t Pay For It
Obtaining your credit report should be free. Quite often, the commercials you see and hear talk about free credit reports. However, many of these actually require a fee or enrollment in order to see what’s yours: your credit history. Instead, the government helped set up the website Annual Credit Report so getting your report is actually free.
It’s Your History, Not Your Score
Checking with Annual Credit Report will give you your credit history. It does not give you your FICO score. If you want to find out your actual credit score, you will need to pay a service fee. However, you have an option. Talking to a mortgage consultant at AmeriFirst Home Mortgage about credit will include determining your score.
If you'd like to learn more about what it takes to get your credit mortgage-ready, including tips on how to raise your score and keep it up, download the free guide "The Road to Mortgage Ready Credit" at the button below.