Now that you’ve decided to purchase a new home, it’s important to know what to expect throughout the loan process. With the right knowledge, the road to home ownership is just ahead. Choose A Home Some lenders may offer a pre-approval, but others require that you have a specific home chosen before they will discuss loan options. Therefore, the first step to obtaining a home loan is to first select a home. Some sellers may require you to provide an earnest money deposit, which secures the home while you obtain financing and have the necessary inspections completed in order to finalize the purchase. Check Your Credit Before you even think about applying for a mortgage, it’s important to know where you stand from the lender’s point of view. Checking your credit report is a good idea for many reasons, but it’s an essential step in your journey toward buying a home. Every 12 months, you can request a free copy of your credit file from each of the three major credit reporting agencies – Equifax, TransUnion and Experian. Look for inaccuracies, outdated information or anything that requires your attention. If you spot anything, file a dispute right away to get […]
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