Within the next month, the kids will be out of school and for a lot of families, it might just be time to move. Moving brings an entire new set of stresses and tasks.
Check out these tips for moving, courtesy of Move.com.
4 weeks from move date: Get organized and start notifying the right people and companies that you'll be moving soon and give them a date to forward or terminate service. Start looking for licensed and professional moving companies, moving guides and relevant coupons.
Tip: If using a professional mover, get quotes from multiple moving companies to get the best deal that is right for you and your needs. Ask plenty of questions like whether or not they give binding quotes and what kind of insurance is included. Be sure to talk with them about the different options available with full-service moves such as packing and unpacking services and providing boxes and packing supplies.
Tip: Important documents such as your child's school records may need to be accessible during your transition. Make sure to put these items aside and make copies of any records for yourself, in case you forget what box they're packed in.
3 weeks from move date: Once you've selected a mover, begin by taking inventory of your belongings and their worth and decide what will be coming with you to your next home.
Tip: Start cleaning out closets, drawers and storage areas of your home and divide things into categories: "pack," "recycle" and "give to friend." You can always have a garage sale or donate old items to charity. This will make packing day a lot easier and you may reduce the total weight you'll be paying for to move.
Tip: If you're moving yourself or contracting for a self-service move, pack the items you know you won't need until 30 days after the move. It will feel great to get started early.
Tip: If possible, take pictures of rooms and areas inside the home or apartment you'll be moving into so you can start thinking about placement of furniture, artwork and other items. This will help save time, headaches...and money...on moving day.
2 weeks from move date: If you choose not to take advantage of full service mover packing services, or are planning to do it yourself and rent a truck, start packing things into boxes. Figure out the logistics of the move, travel plans and if other specialized plans need to be made.
Tip: If you are using a professional mover find out what items are on their "non-allowables" list and discard those items or find a way to transport them separately.
Tip: Instead of stacking plates, pack them vertically; they will travel safer this way.
Tip: If you are moving long distance, remember travel arrangements for your pets. There are pet-exclusive airlines available such as Pet Airways but regular airlines have travel options for pets as well.
Tip: If you have young children, you may want to make childcare arrangements so you can be 100% focused on moving day and your little ones remain safe and busy with fun activities.
Tip: Schedule "move out" cleaning service, carpet cleaners and heavy appliance disposal if necessary for once you'll be out of the home you're vacating. Even if you're selling your current home, it's a nice welcome for the buyers to move into a clean and tidy home.
1 week from move date: Set aside valuable items and keep those with you. Clean before moving and leave your house or apartment as clean as it was when you moved in.
Tip: Make sure the details for paying the moving company are taken care of. Some will require money orders or cashier's checks upon delivery; know their policy in advance to avoid stress on moving day.
Tip: Start eating all the frozen foods you have, or give them to a neighbor or friend. This way you won't have to throw them away on moving day, or worry about packing an ice chest.
Tip: Also think about necessities for managing moving day like confining your pets and anticipating the amount of time you will need.
Tip: Place necessities such as toiletries, toilet paper, rags, "must-have" cooking supplies and organize them in boxes marked "open first" so it's easy to find the initial items you'll want handy on those first few days of being in your next home. Don't forget the flashlight!
Tip: If possible, take one last tour of the new location and identify water and gas shut off locations, as well as the electrical breaker box just in case something happens in the first few days so you're prepared. Might be smart to drop off a fresh box of light bulbs too!
Moving day and beyond: Take one last walk through and make sure nothing has been forgotten or overlooked. Also, make sure all doors and windows are locked and switches turned off, then you are on your way to your new house or apartment.
Tip: Go back to the photos you took when you began to pack up. Now you can show the movers or those helping you unpack exactly where everything goes with photos.
Tip: Unpack one room at a time according to basic needs starting with the kitchen and at least one bathroom...and don't forget to make a bed as early in the day as possible if you'll be sleeping in your home that evening! Remember, you don't have to unpack everything in one day, or even in one week.
Tip: After you've settled in a bit, introduce yourself to some neighbors, ask for advice on the best places to eat, grocery shop, etc. This way you will feel like part of the community and can get some great local tips.
Wednesday, May 14, 2025
Moving Tips
The Best Average Credit Score Needed To Buy a Home
The spring selling season is almost here, and for homebuyers attending open homes, it's best to go in pre-approved for a mortgage.
And that means those applying for financing will need to be prepared to share their financial details, which includes a strong credit score.
Lenders look at FICO (Fair Isaac Corporation) credit scores when people apply for a mortgage. The credit score will play a role in determining whether you qualify for a mortgage and the interest rate. The higher the credit score, the lower the interest rate you'll qualify for.
The credit score you need will vary depending on the type of loan. A score of 620 is a "fair" rating, but people applying for a Federal Housing Administration loan may be able to get approved with a credit score of 500, which is considered a low score.
"For starters, if your credit score is below the mid-600s, you might not even be approved. And even if you are approved, having a lower score means a higher interest rate, which can really add up over 30 years," Ted Rossman, Bankrate senior industry analyst, tells Realtor.com®.
Why your credit score matters
Different types of mortgage loan programs have their own minimum credit score requirements.
Some lenders have stricter criteria when evaluating whether to approve you for a loan. They want to make sure you're able to pay back the loan.
"Different lenders and loan types have different credit score requirements," explains Hannah Jones, senior economic research analyst at Realtor.com. "Generally, borrowers with a low credit score will be limited in the type of loan they can take out, and may have additional requirements on down payment size or minimum income level."
Experian, one of the main credit bureaus, identified the minimum credit scores by home loan type.
Conventional loan: 620 minimum credit score
A conventional loan requires a minimum credit score of 620. Conventional loans are not insured by a government agency and follow certain standards set by the government-sponsored entities Fannie Mae and Freddie Mac. These are the most commonly used mortgage loans.
Jumbo loan: 700 minimum credit score
A jumbo loan is a conventional loan that does not meet the requirements to be a conforming loan because of the higher loan amount. Usually, jumbo-loan lenders require a credit score of 700 or higher.
FHA loan: 500 minimum credit score
An FHA loan requires a minimum credit score of 500, if you make a 10% down payment on your home purchase. If you put down less than that, the minimum credit score required is 580. These loans are insured by the Federal Housing Administration.
VA loan: 620 minimum credit score
The U.S. Department of Veterans Affairs has no minimum credit score set, but lenders who provide VA loans usually require a score of 620 or higher. VA loans were created for eligible members of the military and other eligible beneficiaries.
USDA loan: 580 minimum credit score
A USDA loan does not have a minimum credit score set by the federal agency, but lenders may require a score of at least 580 to 620. These loans are insured by the U.S. Department of Agriculture and are meant for low- and moderate-income homebuyers who want to buy a home in a rural area.
Credit scores and mortgage rates
A difference of a few points in your credit score could make a huge difference in your monthly mortgage payment. That's because it's up to lenders to determine what score a borrower needs to receive the lowest mortgage interest rate.
It's possible to still be approved for a loan with a low credit score, but you might need to have a co-signer.
A co-signer is responsible for the debt if you are not able to pay. If you miss any payments, it could also damage your co-signer's credit.
"Piggybacking off someone else's good credit—like getting on a parent's credit card as an authorized user—is a step that can jump-start the building of a credit score (since many young adults have little to no credit information on file) and can help rebuild a credit score after a prior misstep as well," explains Rossman.
Here's an idea of how much you could pay based on various credit score ranges, according to Bankrate. The examples are based on the national average for a 30-year fixed mortgage loan of $300,000.
760–850 FICO score
APR: 7.208%
Monthly payment: $2,038
Total interest paid: $433,676
Price change: If your score drops to 700–759, you could pay an extra $16,084
700–759 FICO score
APR: 7.427%
Monthly payment: $2,083
Total interest paid: $449,760
Price change: If your score rises to 760–850, you could save an extra $16,084
680–699 FICO score
APR: 7.533%
Monthly payment: $2,104
Total interest paid: $457,594
Price changes: If your score rises to 700–759, you could save an extra $7,833
660-679 FICO score
APR: 7.593%
Monthly payment: $2,117
Total interest paid: $462,041
Price changes: If your score rises to 680–699, you could save an extra $4,448
640-659 FICO score
APR: 7.685%
Monthly payment: $2,136
Total interest paid: $468,880
Price changes: If your score rises to 660–679, you could save an extra $6,839
620-639 FICO score
APR: 7.809%
Monthly payment: $2,161
Total interest paid: $478,133
Price changes: If your score rises to 640–659, you could save an extra $9,253
How to boost your credit score
It's important to know your credit score before you apply for a mortgage. It will allow you to understand what kind of loan you qualify for and how much money you can borrow for a home. If you discover you have a low score, there are ways to increase it.
Credit report: First, check your credit report and check for any errors. You should request reports from the three major credit agencies: Experian, Equifax, and TransUnion. You're allowed to access your credit reports from each bureau once a year. If you spot any errors, file a dispute with the credit reporting agency and the creditor.
Credit card balances: Pay down any debt. Bankrate says your credit utilization ratio is the amount of debt you have compared with your available credit. For example, if you have $10,000 in debt and $20,000 in available credit, your credit utilization is 50%. Lenders prefer to see credit utilization of 30% or less.
Pay bills: Not only should you pay your bills, but you also need to pay your bills on time. Payment history accounts for 35% of your credit score. Late payments stay on your credit report for seven years.
Don't cut cards: Even if you paid down a credit card, it's not advised to close older credit lines after paying them off. Closing unused accounts might raise your credit utilization ratio and cause your score to drop.
No new lines of credit: FICO recommends not opening new credit cards to increase your credit utilization ratio. Each credit request can lower your score.
"Generally, lenders consider the full picture, not only a borrower's credit score. Income, outstanding debt, credit score, and loan size will all impact the mortgage rate a lender offers," says Jones.
Source: Joy Dumandan Realtor.com
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Buying a home is an exciting milestone, but many first-time buyers focus solely on the purchase price and mortgage payments. However, homeownership comes with a range of hidden costs that can catch buyers off guard if they’re not prepared. Understanding these expenses upfront can help avoid financial strain and ensure a smooth transition into homeownership.
1. Property Taxes
Property taxes vary by location and can significantly impact a homeowner’s budget. While they are often included in monthly mortgage payments, tax rates can increase over time, affecting affordability. Buyers should research property tax trends in their area and factor in potential increases over time.
2. Homeowners Insurance
Most mortgage lenders require homeowners insurance, but premiums can vary based on location, home value, and coverage options. Additional insurance, such as flood or earthquake insurance, may also be necessary in certain areas. Homeowners should shop around for competitive rates and consider bundling insurance policies for potential discounts.
3. HOA Fees
If purchasing a home in a community with a homeowners association (HOA), monthly or annual fees apply. These fees cover maintenance, security, and amenities but can be costly. HOAs may also have restrictions on home modifications and require approval for renovations, which can impact a homeowner’s ability to customize their property.
4. Maintenance and Repairs
Unlike renting, homeowners are responsible for all repairs and maintenance, including HVAC servicing, plumbing, roofing, and general upkeep. Experts recommend setting aside 1% to 3% of a home’s value annually for maintenance. Unexpected repairs, such as a failing water heater or roof damage, can be expensive and should be factored into the budget.
5. Utilities and Services
New homeowners may find that utility costs are higher than expected, particularly if moving from an apartment. Electricity, water, gas, trash removal, and internet services should all be factored into the budget. Additionally, some homes require specialized services such as septic tank maintenance or well water treatment, adding to long-term costs.
6. Closing Costs
Many buyers underestimate the impact of closing costs, which typically range from 2% to 5% of the home’s purchase price. These include lender fees, title insurance, and legal expenses. Buyers should budget for these expenses and negotiate with sellers to potentially cover some of the costs.
7. Landscaping and Exterior Upkeep
Maintaining a home’s exterior is another hidden cost. Lawn care, tree trimming, snow removal, and pest control are ongoing expenses that homeowners may not anticipate. In some cases, local regulations require homeowners to maintain sidewalks, driveways, and storm drains, adding to their responsibilities.
Source: Eppraisal