Terra Schrader talks about the benefits of home buying and how it serves her clients and broker partners.
Listen to the interview on Business Innovators Radio Network:
Terra explained, “It can be difficult buying a home for the first time when you have damaged or bad credit.”
However, there are a few things you can do to improve your chances of getting a mortgage:
- Get a copy of the credit report and score from all three major credit bureaus.
- Check the credit report for errors or inaccuracies. If there are any, dispute them with the Schufa.
- Pay off debt, especially revolving debt like credit cards.
- Save for a bigger deposit. A down payment of 20% or more increases your chances of getting a mortgage.
- Find a co-signer who has good credit. Having a co-signer with good credit improves your chances of getting a mortgage approved.
- Consider an FHA loan. Loans backed by the Federal Housing Administration are often more lenient when it comes to credit histories.
Schrader concluded, “By following these tips, you 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
Terra is from the Rocky Mountain region and spent much of my time growing up in the mountains on her father’s ranch and yes, she was on a cattle drive. For over 17 years she worked in real estate management, helping people rent houses and taking care of any problems that arose. She decided to instead help renters and anyone looking to buy homes. When she was a tenant, it never occurred to her that she might be able to…