Managing Your Credit ScoreA few tips to establish and maintain high ratingsRecent tallies show a third of US credit scores fall below 649. While not impossible, acquiring a mortgage loan will likely
Steps To Homeownership
What is my first step?
1. Know what you can afford and how much cash you will need. Knowing what you qualify for before looking at any homes will save you the disappointment that can come from falling in love with a home that's out of reach. We'll be happy to "pre-qualify" you now so you'll know what will work later.
2. Know where you want to be. Learn about the neighborhood before you make an offer to buy. Sample the commute. Talk to would be neighbors. See the schools, shops and services before you start negotiating.
3. Choose your property type. Consider your range of choices: single family, multi-family, townhome, condo, co-op, new construction, etc. Know the pros and cons of each. Decide which is best for you, and define your search accordingly.
4. Obtain a valid pre-approval before you make an offer. This entails document verification, a credit check and automated or actual underwriting. If all is in order, you will receive the equivalent of a loan commitment that's subject to a contract, appraisal and title work. Your pre-approval gives you and the seller confidence in your ability to close the deal once you find your perfect home.
Dawn Richardson and Sondra Eckert