Before You Buy Your First Home — Get Financing First

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Before You Buy Your First Home — Get Financing First
(presented by www.refinance-refinance.net - mortgage lenders)

By Lynn Byrne

Buying your first home can be exciting and confusing. There are a few things you can do now to make the process easier. Getting your financing in place by pre-qualifying for a mortgage is an important first step.

First-time homebuyers are eligible for many government and mortgage company programs. Federal, state and local governments offer programs. Incentives can include down payment assistance and grants if you meet requirements. Reduced interest rates may be offered through government and mortgage company programs. Some mortgage companies relax lending standards to help increase chances of being approved. For instance, in my local Daytona Beach Real Estate market, the city offers up to $22,000 in assistance for down payment and closing cost assistance.

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Find a first time home buying seminar in your area. This will give you an idea of local, state and federal programs and what you need to do to qualify. A good real estate agent who is willing to work with first time home buyers can make the process much easier. Let them work for you.

Credit Rating

Your credit rating is a significant factor that mortgage companies use to determine the interest rate you will be offered. Get your credit in order. First get your credit report. There are many internet sites that will be able to provide your current rating. Obtain a copy of your credit report from all three credit agencies — Equifax, Experian and TransUnion.

If you find a discrepancy on any of your credit reports, correct it as quickly as possible. The three credit agencies have instructions on their websites for fixing mistakes.

If your credit rating good or excellent, you should qualify for a good rate. If your credit rating is considered poor, you will need to get your credit in order.

If your credit rating is strong, great. If your rating is poor, don

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This entry was posted on Friday, December 15th, 2006 at 6:31 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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