Your credit score has a direct impact on how much you can borrow and whether or not you qualify for the lowest rates. Several factors affect your credit score, including the types of credit you already have (like student loans or auto loans, for example), the age of your credit and how much of your credit you’re actually using. Late payments also have a major impact on your credit and can impact your score for several years. That’s why you should always review your credit report to make sure there are no mistakes or inaccuracies. Any time you see a mistake, you should immediately contact the credit bureau to get the issues fixed. To get a free credit report and score, go to www.Quizzle.com. For more information on credit scores and reports, go to www.QuickenLoans.com/Blog.
The main steps of purchasing a home are actually very simple. First, you want to get a preapproval letter from your mortgage company so you know how much you qualify for. The next step is finding the right real estate agent who can lead you to the home that aligns with all your goals. After finding your perfect home, you’ll be ready to make an offer on the house. Once that offer is accepted, a purchase agreement is drafted and signed by both the buyer and seller. Now that everything is signed and turned into your lender, the underwriting process begins. To avoid any mistakes during the underwriting process, be sure to have all the proper documentation (e.g. tax returns, pay stubs, w-2s, and bank statements) verified. For more tips and advice on buying your first home make sure you visit our website at http://www.QuickenLoans.com/Blog