Buy a Home with Confidence
A Better Home Buying Experience Starts Now
Download Your Free Resource
Six Steps to Success
How to Become a Smart Home Buyer
How to Plan for Your Home Purchase
Home Buyer's FAQs
Buying a home is a big commitment and one of the biggest financial investments most people will make throughout their lives. There are many things to consider before deciding to buy a house. Do you have a steady job? Have you been employed for the past two or three years? Do you have a reliable income? Do you pay your bills on time? Do you have any long-term debt? Can you afford a mortgage, taxes, insurance, utilities, and other bills? All of these are questions to consider before purchasing a home.
Yes, your credit score will impact your ability to buy and the interest rate of your mortgage if you get approved. Your credit score is essentially a summary of your credit history and a glimpse into your financial standing. Mortgage lenders will use your score to determine if you’re eligible for a loan and at what interest rate. Higher credit scores mean that you’ll have a better chance of getting a loan with a lower interest rate. Lower scores mean that it may take longer to get a loan and your interest rate will be higher. It’s best to work on raising your score before starting the home buying process.
Down payments will differ depending on your financial situation and the cost of the home you want to buy. Saving for a down payment can be challenging, especially for first-time home buyers. The average down payment is between 3% and 20% but it can also vary according to lender requirements, as well as the type and length of the loan. Before you commit to buying a home, start preparations by saving for a down payment.