Houston Credit Repair Expert, Vanessa Perry, owner of Impeccable Credit Services, explains the home buying process for first time home buyers in the episode below of Ask Impeccable.
Step 1 of The Home Buying Process:Know Your Credit Score
Your credit score determines if you qualify for a house and how much you are able to qualify for. Your credit score is also a determining factor when it comes to interest rates. To qualify for a house you must have a minimum of a 640 Mid Score. To qualify for the best rate a 740 is needed.
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The first step is knowing your credit score and making sure you qualify. If your credit score does not qualify please listen to the credit professionals such as Impeccable Credit Services not your loan officers when raising your credit score. Loan officers know how loans close, but do not always know what to do when building your credit score and how to manage outstanding negative items.
Step 2 of The Home Buying Process: Choose Your Funding
As the home buyer it is your choice if you want to go through a credit union or mortgage company to qualify for your home. Each has its pros and cons to working with them, but most Realtors require a prequalified letter to assure you have all of your ducks in a row.
Step 3 of The Home Buying Process: Pick Out Your House
The best part is picking out your house. Make sure you get a credible Realtor that can work with you and knows the area that you want to live in. There are many Realtors to choose from, but it is best to make sure you choose someone with your best interest and is willing to work for you. It is not always about hiring your friend who just got their license, but who has more experience and can get you what you want.