The Best Way to Obtain Home Financing
Being a first time home buyer can be exciting and filled with apprehension. All home buyers want to fill they are making the right decision and getting the best mortgage rates possible. When purchasing your first home there are things to consider and steps that should be taken to get the best rates possible.
- Obtain copies of your credit report to find out if the information showing up on your report is correct. If the information is not correct, you will have to dispute the information with the reporting agency.
- Check your credit score with all three credit reporting agencies to find out what your score. Your fico score can vary from depending upon the information reporting by each credit agency.
- Contact a lending company to find out about getting a loan for the home that you are interested in purchasing. The lending company will go over important information with you and will ask to pull your credit information. Depending upon your score you may have to pay higher or lower interest rates.
- Fill out the application with the lending company so they can start working to get you approved for the money you need.
- Expect to pay application processing fees and money to have your credit report pulled. Make sure you have a clear understanding of why you are paying any type fees.
- Review your loan papers. Once your loan has been approved, make sure you negotiate your rates on the loan. You do not want to get stuck paying high interest rates. Make sure you sit down and go over the loan papers thoroughly with the lender.
- Sign the loan papers and make sure the down payment is deposited in your account within 5 days.