- Tip #1: Know your credit score. You should find out your credit score before walking into a mortgage lender’s office. The lender will run a credit check and you will find out your credit score during the process anyway, but if you already know it going in, you are at an advantage. Many credit reports contain mistakes, so if your score is lower than you expected, take a look at your credit report and find out why. Ordering a copy of your credit report from each of the three major bureaus is free at least once per year for all consumers. Take a close look at the reports and make sure all the information is accurate. If there are mistakes, write, call, and follow up to make sure they are corrected. This process can take some time, so start it early.
- Tip #2: Get financing before you start shopping. It’s tempting to go ahead and begin looking at houses, condos, or co-ops right away, but do yourself a favor and hold off until you’ve secured financing. This way, you know how much you’ll be able to borrow before you fall in love with a home that’s out of your price range. The financing isn’t the fun part of buying your first home, but it’s the necessary part you must do first. Figure out how much you can afford to put down, whether that’s as little as 5% or the more standard 20%. The type of loan you qualify for will depend on how much you can put down, your credit rating, and how much you can afford to pay per month. Once you’ve got your financing in place, let the search commence.
- Tip #3: Decide what kind of property is right for you. Do you want a home that will require some work? How important are schools, walkability, and distance from your workplace? Don’t fall in love with a home just because it has the built-in bookshelves and fireplace you’ve always dreamed of, if it doesn’t meet your other needs.
Following these tips will make the first-time home buying process easier, according to the experts at People’s Home Equity.
Read Also Related News
A new report has good news and bad news about savings in America. The good news is that the percentage of people without an emergency savings fund is at a six-year low, down to 24% from 28% last year. The bad news is that nearly a quarter...
It’s an oft-quoted statistic that about half of all marriages end in divorce. But less talked about is the reason why many of these marriages fail. A new survey by credit bureau Experian sheds some light on the subject and reveals that...
Despite highly-publicized hacks that left people’s credit card information vulnerable to criminal use and fraudulent purchases, people still find credit cards to be the safest way to pay for purchases, online or off. Payment services...
I need a credit card with a 0% APR to consolidate several of my credit cards into one payment. Please advise what card I can apply.
There are special credit cards that allow consolidation of other cards’ debts - the balance transfer credit cards. These cards usually come with a 0% intro APR on balance transfer offer. The zero introductory period varies, but as a rule it is between six months and two years. So you can find a credit card with...
The easiest way to find out if you have credit accounts under your name is to request a copy of all your three credit reports: Experian, Equifax, and TransUnion. The reports contain information about active credit accounts, its issuers, and the information about credit accounts balances. If you want to protect yourself...
To set a PIN on your credit card, you should call the credit card issuer at the number on the back of your credit card and request your PIN. After that, the issuer will mail to you your PIN. In the meantime, if you need cash, you can go to a bank office and present your credit card and picture ID.
The overall process of getting a credit card can take up to 30 business days. To know the status of your credit card applications you should contact the credit card issuer. A quick online search for the bank or credit card issuer's name should turn up a customer service phone number or email address. Banks and credit card...