A Guide To Home Buying Made Easy

Posted on: 26 July 2017

Have you decided that you are going to go ahead and make that jump into home ownership, but this is your first time around, so you're not fully educated on the best way to go about things? If this is the case, then you will find this article to be very helpful. It will give you some tips and point you in the right direction on taking the appropriate steps to ensure you are well-prepared to buy a home. Here are some of the things you want to do so you can move through the home-buying steps with as few road bumps as possible:

Review your credit scores

The first thing you want to do is know where you stand credit wise. Once you see your scores, you'll have a better idea of the types of loans you may qualify for, or whether you should take some time to raise your score. However, you do want to know that the scores you get may differ from the ones a lender will pull, but they will give you a good idea of how close you are to qualifying. Lenders will usually use the middle score, basically tossing out the high and the low.

Have two years of employment

Make sure you have been employed in the same field for at least two years. However, if you were a student studying for the field you have now been working in, and you have had your job for at least a year, then sometimes this can be acceptable. Problems tend to lie in jumping from job to job or having jobs for short periods of time that are in completely unrelated fields.

Have at least one year of verifiable housing history

If you aren't going to be able to prove that you have one year of positive housing history, then the chances are good that you are going to be turned down for a home loan at this point in time. If you have some time to go to work toward this year, use the time wisely and try to get your credit score as high as possible, maintain your job, and start paying down any other financial obligations so you will have an easier time keeping up with the mortgage payments.

Go in and meet with a lender

Once you feel you are in a good place to be approved for a home loan, then it is time to speak with a lender. This way, you will know exactly where you stand. If there is still work to be done, they can let you know exactly what you need to do. If you are in a good place, then they can pre-approve you, and this will help you to have your offer accepted should you find a house you wish to put an offer on.

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