Take These Steps Before Housing Hunting in Halton

House hunting can be an exciting time in one's life because, let's face it, at some point we've all pictured what it would be like to move into a new, or our first, home.

The process of house hunting, however, can also be very stressful for some especially if finances are not in order.

So, before you get all gung-ho about finding that perfect home, there are some things you should take care of.

One of these things includes improving your credit score.

"In Canada, credit scores range from 300 (just getting started) up to 900 points, which is the best score," according to the Debt Canada website.

"According to TransUnion, 650 is the magic middle number - a score above 650 will likely qualify you for a standard loan while a score under 650 will likely bring difficulty in receiving new credit."

Having a poor credit score can drastically impact the house hunting and buying process. Poor credit scores can result in higher mortgage rates which can be very discouraging for buyers, especially first-time buyers.

Luckily, according to a recent Zoocasa blog post, there are steps that can be taken in order to improve your credit score. These steps are as follows.

  • Make all household payments on time
  • Pay off all credit cards each month - to avoid paying interest, do not fall behind!
  • Watch your credit utilization (the amount of credit you've used outside the total amount available to you) and remember, the lower the better.
  • Raise your credit (this can lower your credit utilization ratio)
  • Be cautious when it comes to pursuing new credit

Taking care of your credit score will make the house hunting process much smoother and stress-free. It may seem like a nuisance, and sometimes it's easier to put things off to the side that we don't want to deal with, but it will be worth it.

Happy house hunting Halton.

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