steps in buying a home?

Credit and mortgage advice Forums Buying Your Home steps in buying a home?

This topic contains 2 replies, has 3 voices, and was last updated by  Anonymous 8 years, 4 months ago.

  • Author
  • #208954


    Does a person look for a home before or after applying for a mortgage?

  • #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

  • #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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