Home Buying and Credit

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Home Buying Financing and Facts Buying Your Home

  1. The importance of credit
  2. Defining the credit
  3. Finding a lender to provide a mortgage (a loan)
  4. Providing personal credit information for the mortgage
  5. Prequalification for a mortgage
  6. Types of mortgages available.
  7. Choosing the mortgage which best meets the ability to repay the mortgage
  8. Full understanding the mortgage – its terms and conditions
  9. The process in finding and buying “the home.”
  10. The process of closing the purchase process – and understanding the closing terms and conditions for both the buyer and the seller
  11. Closing the purchase of “the home.” The buyer is now a new home owner

The Three Major Credit Reporting Companies

  1. Equifax
  2. Experian
  3. Trans Union

Do you know your credit score?

How your credit is analyzed:

35% Payment History
30% Amounts Owed
15% Length of Credit History
10% New Credit
10% myfico opinion

320 – worst score
844 – best score

For a credit report go to:   annualcreditreport.com

*Rule of thumb on credit cards: Your balance should NOT be more than 10% of your approved credit limit*

tmcqueen@mainedge.com
Call Terri (405) 250-9343