What You Need to Know About Credit History & Pre-Approval
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When you credit score is in order, you can look for a lender. You should research and interview a few lenders before deciding on one. Each one will carry different rates and offer various timelines and procedures. The home buying process can be daunting for any first time home buyer. The important thing to remember is that there is a way to make is easier.
The Pre-Approval Process
The pre-approval process has become more popular in the last couple of decades, so if you are a current homeowner but are back in the market, you may find this a bit daunting. Pre-approval, however, can actually be a time-saver for you. By already being pre-approved, you (and the sellers and agents) have the reassurance that when you look at a home, you have been pre-approved for a loan up to a certain amount. This can create peace of mind for everyone.
Check Your Credit History
Checking your
credit history early on in the process and getting pre-approved can make for a stress-free, home buying experience.
Your credit score and history determine a lot of things throughout the home buying process. It will determine your qualifications for a home loan and that can lead, as an example. Take a look at what your credit score is and research the credit score requirements for the type of loan you want to apply for. After knowing your credit score, you will know whether or not you need to take the time to improve it.
If you are trying to improve it, look at your credit history. It will show you your debts and you can see where you can start paying off the most important ones. Gaining pre-approval opens up a world of opportunities in home buying. Your search will be easier when you know that you are getting a guaranteed mortgage. You can search with more confidence and gain an advantage when it is time to make an offer on a home.
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