Home Buying Financing and Facts Buying Your Home
- The importance of credit
- Defining the credit
- Finding a lender to provide a mortgage (a loan)
- Providing personal credit information for the mortgage
- Prequalification for a mortgage
- Types of mortgages available.
- Choosing the mortgage which best meets the ability to repay the mortgage
- Full understanding the mortgage – its terms and conditions
- The process in finding and buying “the home.”
- The process of closing the purchase process – and understanding the closing terms and conditions for both the buyer and the seller
- Closing the purchase of “the home.” The buyer is now a new home owner
The Three Major Credit Reporting Companies
- Equifax
- Experian
- 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*
