Page 13 - October 2023 Issue.indd

flow slows down and credit score stagnates, or worse, the score Also, having funds available after a purchase closing can help

drops. mitigate what is called “payment shock.” This is the shock new
homeowners suff er when going from a certain payment for
And for gosh sakes never, ever let the balance go over your

rent to a higher payment for a mortgage. The most extreme
credit limit. I have seen potential borrowers with a shallow
example is a person, or persons who are living with family and
credit history (very few accounts) lose 50 points in credit score
not paying any rent, and they are purchasing a home where
because they went over the limit on a secured credit card. Th is
their monthly mortgage payment will be $1,200 per month,
will force you to start pumping all over again because you have
plus utilities that could add another $150-$200 per month in
lost your prime and the water level in the pump has dropped.

expenses. This is significant payment shock.

Just like your credit score.
Once you have a card for a few months sign up for a credit
monitoring service like Credit Karma or most credit card Commercial

companies offer that to their card holders. Keeping an eye on or Residential
your credit on a regular basis will show the impact of certain
things on your score, so you can see what makes the score go Call me for all
up and also down. your Real Estate
needs.
Starting the home search journey will require cash for security

deposit and first month’s rent if renting and cash for closing 410-924-4807
costs/down payment if purchasing. Since it is possible to buy
a house with no money through the Rural Housing Program,
a large amount of cash may not be necessary,
In either case the more cash you have at the time of signing a
BENSON & MANGOLD
lease or a contract the more resources you will have if repairs or
110 Market Street
painting are needed... Or new or more furniture is necessary... Michael Shipley
Or you need appliances that the home or apartment may not Denton, MD 21629
410-479-0777
come with. mshipley55@comcast.net
*(7 <285 +20( 35(3$5(' )25

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