Buying equestrian land is a great idea – and if you’re interested in doing so, we can definitely help you. However, if you need to get financing to buy a horse property, you’re probably going to need to make sure your credit is up to par so you can get the most favorable terms possible.
Here’s what you need to know.
How to Boost Your Credit Score to Buy a Horse Property in North Florida
First things first: This isn’t financial advice – we’re real estate agents, not financial advisers. However, this information can help you improve your credit score so you can qualify for the best possible terms on your loan.
Here’s what we found to help you improve your credit score:
- Pay down your debt
- Dispute inaccuracies
- Don’t apply for new credit
#1: Pay Down Your Debt
Credit experts suggest paying down as much of your debt as you can. The lower your debt-to-income ratio is, the more likely lenders are to offer you better terms. That’s because you appear to be more able to repay a loan – you don’t owe a bunch of money to other creditors.
Search Equestrian Properties for Sale in North Florida Here
#2: Dispute Inaccuracies on Your Credit Report
Thanks to the Federal Trade Commission, everyone is entitled to a free copy of his or her credit report every year from each of the three major credit reporting bureaus. You can get yours at FreeCreditReport.com. You can also sign up for a free credit monitoring service, like Credit Karma, to keep tabs on what’s going on with your credit.
If you find errors in your credit report – they happen far more often than you think – then you need to dispute them with the credit reporting agency. Each agency (Equifax, TransUnion and Experian) has its own procedures for reporting and disputing errors on your credit report.
#3: Don’t Apply for New Credit
Don’t apply for any new credit before you apply for a loan. Having credit checks pinging your credit report looks bad to lenders – it appears that you don’t have any cash, so you’re going all over town trying to get credit. Don’t make any major purchases, either (especially on credit) – you want that debt-to-income ratio to be as low as possible when you apply for a loan.
Are You Buying a Home or Land for Sale in Lake City?
If you’re moving to Lake City, we can help you find the perfect place to live. Call us at 386-243-0124 to tell us what you want from your home and we will begin searching right away.
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