You might be ready to buy a home, but are you armed with the knowledge you need? Do you know about credit score requirements?
A lot of homebuyers mistakenly believe that their household income and assets are enough to qualify them for a loan and low mortgage rates, but credit reports can derail borrowers of all kinds — even those with high incomes and large bank accounts.
Buying a home is more than just house hunting, getting a loan approval, closing escrow and then moving in. It’s the beginning of the financial foundation for your future.
Whether you’re preparing to finance a home or are already in the process, it’s easier to have a checklist of items in front of you that you will need to deliver during the mortgage process.
When buying a home it’s always good to begin with the end in mind. If you think your first home may be a foreclosure, then think about how you can make it appeal to the greatest number of home buyers when you do get ready to sell.
You’ve finally saved up the down payment for your first home. But be warned: purchasing your dream home could become a nightmare if you’re not prepared.
If you’re a first time home buyer, you may feel overwhelmed by all the terminology you hear during the process. Here are some of the terms you are likely to hear, with definitions from real estate brokerage Redfin.
When applying for the mortgage loan that will make your homeownership dreams a reality, your credit scores will be at the top of the list of items under consideration.