Before jumping into the home looking process, you MUST find out what kind of loan and how much of a loan you qualify for. This is imperative and by far the most important step you will take in your home buying process.
You don't want to waste time looking at homes you may not even be able to qualify for as this will impede the process and end in disappointment for everyone involved. There are many factors involved in qualifying for a home mortgage that include but are not limited to;
- Your Income
- How Long you have been at your current job
- Your Debts
- Payment History
- What Kind of Loan You May Qualify For
- Bond Money You May Be Eligible For
- Down Payment Assistance You May Be Eligible For
This is just a small list of the factors that play into your qualifications for a home purchase. So your first step before you start looking at actual homes to buy will be to contact a valid lending institution to obtain a Conditional Loan Approval. This Conditional Loan Approval will determine your housing price range. Do not confuse this Conditional Loan Approval as a guarantee that a loan will be given to you. It does however, check your credit worthiness and payment history.
Never judge your credit for yourself, there are many factors involved in qualifying a buyer for a home loan. This is an exciting time for you and by completing this one simple step you will assure yourself a smooth start to this transaction. Stay tuned for further information in my Oklahoma Home Buying Series...
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