This is a YouTube video titled "Buy Now or Wait to Fix Credit?! 🤔" containing a financial advice talk from October 7, 2023. The speaker discusses the trade-offs between improving credit scores before purchasing a home versus buying sooner to avoid rising home prices, explaining the impact on monthly payments and interest rates.
Let's say you want to prepare to purchase a home in the near future. But before doing so you want to work on boosting your credit score. You want to get it up 40, 50 points in return. That should save you about a quarter percent on the interest rate. If it's a $300,000 loan amount, that quarter percent would save you $51 a month. That's a pretty good idea. But there is also a time sensitive aspect. Let's say it takes you six months to do that before you're ready to get started. House values are very well going to be up about 5% in the next six months. So now that $300,000 house is 315 with an extra 5%. Even saving that quarter percent still made the payment go up $51. It was $102 swing. So you saved, you paid things off, you boosted your score and you still cost yourself more money. In the long run it is honestly more helpful to get it started today. Do a quick rescore which we can help you with and get the best deal now before it leaves down the road.
