CHAPTER 8 Shopping for a Home Loan or a Home Loan
“Are you pre-approved?” That is one of the questions an agent will ask you very early in the home-buying process. Not many people have the capability to buy a house for cash; most people will require a mortgage. Therefore, before you go shopping for a house, you should go shopping for the best loan deal. There are different types of loans out there, and it’s best to check several and then compare them. That way, you’ll have better chances of securing a mortgage that won’t be a burden in the future. It also means you’ll have an opportunity to save some money at the end of each month. Shopping for the best loan on your own can be a daunting experience, and it might be a difficult task to accomplish by yourself. To overcome this hurdle, it’s recommended that you consult with a mortgage professional for many of the same reasons you should engage a real estate professional.
WHAT IS YOUR CREDIT SCORE?
Another task you should work on before you begin looking for a house and a loan is organizing your credit issues. It’s important to ensure your credit is in order because making any mistakes at this juncture can take months to correct and might even end up sinking your chances of owning a home. The purpose of getting a credit report is not just to give you a chance of getting the best bargaining terms, but will help you to know where you stand. It’s important because you might find that you aren’t creditworthy, and that will torpedo the deal. If you find yourself in that situation, it might be a good idea to use a credit repair company. Search for a reputable credit repair 49
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