what tips can a first time buyer of a house can get?how does good credit affect mortgage?
2006-11-16 05:14:00 · 5 answers · asked by Edna R 2 in Business & Finance ➔ Renting & Real Estate
Your credit is directly related to the mortgage rate you'll pay. If the prevailing rate for a 30 year fixed is say 6.25% only borrowers with satisfactory credit ratings will get that rate. Poor credit ratings put you in a higher risk category and you'll pay a higher interest rate and may be required to purchase PMI.
2006-11-16 05:22:17 · answer #1 · answered by radar 3 · 0⤊ 0⤋
Check with the government locally and see what kind of programs are available for first time homebuyers. In my county, the city gives you $60,000 if you qualify for the purchase of a home. So if you were buying $160,000 you only have to qualify for $100,000.
Credit is one of the biggest things as far as getting a loan is concerned. I would find out what my credit score is first and hopefully there is nothing on there that will affect my loan.
Good Luck!!!
2006-11-16 13:20:21 · answer #2 · answered by Mike M 3 · 1⤊ 0⤋
The better your credit, the lower your interest rate will be. Less interest equals smaller payments. Good credit makes more money available to you so you can buy more house then someone with poor credit.
2006-11-16 13:17:52 · answer #3 · answered by dantheman_028 4 · 0⤊ 1⤋
Well the lender takes in consideration if you have any lates. If you have had any trade line open for 24 months. If you would like more specific answer you can contact me at erick@onlinefsl.com thanks
2006-11-16 17:04:45 · answer #4 · answered by Andy L 1 · 0⤊ 0⤋
go to my website. I have some good do's and don'ts for first time homebuyers.
www.danroemer.com
2006-11-16 16:51:22 · answer #5 · answered by daniel r 4 · 0⤊ 0⤋