What Is The First Step In Buying A Home? With property value dropping, and a rising number of foreclosures, the home market is anything but good. In fact, for the time time in decades, it’s a buying market to sell later in the future. Take a slow step and research your credit and score first.
Your credit report is an ongoing look at how you manage your finances. You must know exactly what your credit reports say about your financial history before you apply for a mortgage. It plays an important role in the mortgage approval process. If you have errors, or outstanding bills, get them cleared up as soon as possible.
Finding the right loan and lender is crucial to your home buying success. It’s up to you to determine which lender is best for your needs, and it’s always a good idea to have at least a bit of background about the loan process before you talk to a lender. Do you know how much house you can afford?
Pre-approval helps you in other ways, but consider this scenario. A home seller gets two similar offers. One is accompanied by a letter from the buyer’s bank that states she is pre-approved for a mortgage in the amount of the offer. The other has no supporting documents. Which offer do you think the seller will consider first?
Buying a home isn’t as difficult as you might think, even if you’re short on funds. However, the process will go a lot smoother if you get familiar with your real estate market and narrow down your wants and needs. Do this before you start looking at houses.
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