Do you know your credit score? This three-digit number is as important to the home buying process as your real estate agent and your down payment. Having the highest credit score possible can save you thousands of dollars over the course of your mortgage. If you are ready to invest in improving your number, here’s how.
- Posted by Kristin Demshki
- loan process application processing underwriting prequalifying appraisal
You have made the decision to buy a new home and the house you love is on the market. You’ve submitted your loan application, but what’s next? What are the remaining steps until you have assurance that the new home will be yours?
Do you know your credit score? When it comes to consumer credit, many people turn a blind eye. But taking a “what I don’t know, can’t hurt me” approach to personal finance may present serious issues, particularly for first-time homebuyers.
When applying for a home loan, prospective buyers may find they must provide their lender with a mountain of paperwork, including: past statements of income, tax returns, credit, debts and additional assets. With so many documents to collect, undergoing loan processing and underwriting can be rather intimidating. Fortunately, you don't have to go it alone.
In our previous post, we showed you how to familiarize yourself with the world of real estate and assess your current financial health. Now it’s time to explore the next step in the home loan process – the application.