This topic contains 2 replies, has 3 voices, and was last updated by Anonymous 7 years, 11 months ago.
- May 6, 2011 at 11:28 pm #208954
Does a person look for a home before or after applying for a mortgage?
- May 17, 2011 at 1:14 am #277655
We are currently buying a house and we found it allot easier to get the mortage and your finances sorted first. Lenders are allot tighter with there lending nowadays so the first step is ensuring that your mortgage can be approved.
Also when it gets to the stage where you want to put an offer in on the a house it makes the transaction allot quicker ans smoother.
Should you come accross competition for your chosen property you will also look more favorable to the vendors should you have you finances in hand.
The worse thing that could happen is loosing your dream home because you didnt have your finances sorted out in the first place.
Hope this helps
- June 17, 2011 at 7:43 am #441026
It is usually a combination between your FICO score and your debt/income ratio.
You typically need a 720 minimum FICO score to qualify for 0%. I have seen a couple of cases where they went as low as 680 because of a low debt/income ratio or a high down payment.
I have never heard of anyone with a FICO or credit score lower than 680 getting approved for 0% financing.
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