Buyers preparing to finance a home, must have a secure income. They should begin increasing their credit score at least one year in advance. Buyers should make a list of what they need in a house and what they would like to have in a house. They should choose a Realtor and a Lender that is knowledgeable and they work well with. Both the Lender and the Realtor will be the Buyer’s guide throughout the whole process.
Credit absolutely matters when buying a home. Pay down those credit cards, check for any errors on your credit report and definitely don’t open new credit accounts. Also, wait, wait, wait until the home closes to buy the appliances and furniture that you have been eyeing for months.
A few good questions to ask your lender when searching for the right home are: What type of loan will I best qualify for? Will I have to buy PMI, Private Mortgage Insurance? What will my total out of pocket expenses be? You want to find a lender that is able to answer these questions and more, that you trust and that will give you the best rates and options. If you don’t know where to begin, your Realtor can provide you with a list of lenders.