Your First Steps to Homeownership
Is homeownership on your horizon? This series of First Time Home Buying articles will help you walk through the home buying process even before you decide to work with a Frisco TX Realtor®.
Your first step is the most important: Evaluate how much financing you qualify for
Most home buyers in Frisco TX purchase their homes via financing. Hence, it is important to know the maximum amount you qualify for. It does not necessarily mean you need to spend all you qualify for. Knowing itself may change the course of your home purchase.
A $150,000 home in Frisco Texas is different from a $180,000, just as the same with a $200,000 first time home is different from a $250,000. The features may be different in terms of quality and of course, the land/ lot (location) value itself may be different. So knowing how much you could qualify for sets your expectations as to what you could possibly ultimately purchase.
Check Your Credit Report!!!
After knowing how much you can qualify for, it is time to check your credit report. It has been known for many errors to occur. Hence, correct it when you have time. You do not want to wait 30 days before you close on your house. Many home buyers are unaware about their credit situation. For better or for worse, knowing gives you the power to make necessary changes – whether it might be an error correction in your credit, or it may mean cleaning up your credit and buying 6 months later.
If you want to just review your credit report without knowing the credit score, obtain the FREE credit report at AnnualCreditReport – the only authorized source to receive your free annual credit report under the Federal Trade Commission once every 12 months. Be sure not to fall into a variety of traps that offer you “free” reports.
Knowing your credit score can make a huge difference in your mortgage. Excellent credit in today’s mortgage is considered 740 points. Anything less than that, it could impact on your interest rates and/or terms. However, just the credit score is not the determining factor to the interest rate you could get. There are other factors involved.
Map of Frisco Texas
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3:16 team REALTY is a locally-owned real estate company serving Frisco
TX and the surrounding cities. Find out
(214) 783-2210
info (at)
316RealEstate.com
Loreena Yeo is the broker of record of 