Understanding The Credit and Home Buying Process.
Understanding Credit —
A credit score is a 3 digit number, typically between 300-850, that measures a person’s credit history.
There are three main credit bureaus (Equifax, Experian, TransUnion) and each calculate their own credit score for every individual based on their overall credit profile. This includes things like:
- Payment history.
- Debt you currently have.
- Number of open accounts.
- Credit limit and usage, etc.
Credit score information is helpful for the mortgage lender in determining your likelihood of paying back on a mortgage loan. A higher credit score generally leads to securing a better interest rate due to a lower level of risk.
Home Buying Process —
At Inspiro, we value the home buying experience. Our mortgage experts will guide you through the uplifting journey home buying should be.
Get pre-approved —
Before exploring home options, knowing how much you can spend will establish the roots for you when eyeing a home.To get pre-qualified for a mortgage you will need to keep some information on hand.
- Your current income.
- Amount of savings you have.
- Investments you have.
This financial information will tell us how much we can lend you. In turn, will also guide you in narrowing down pricing exploration. You can then check if you are pre-approved for credit with information provided with financial statements like the following.
- W-2 statements
- Paycheck stubs
- Bank account statements
Find a Real Estate Agent —
Your big plans call for an important partner such as a real estate agent. Having a real estate agent alongside your buying or selling home journey will make the experience balanced and clear. Their familiarly with homes and neighborhoods can provide you with insightful information. Their compensation is earned commission from the seller of a house.
Submit An Offer —
Discover your dream home in line with your price range. You will need to inhale and exhale a few times from the amount of homes you will see. The exciting part is imagining the home you can create when moving in.
Once you’ve made a decision, your real estate agent will guide your offer to the seller. If the price is agreed upon by both the buyer and seller the house will enter escrow until the remaining steps are solidified.
Complete Your Mortgage Finance —
There are several items including a lot of paperwork to take care of when completing your mortgage finance. However, we are here to guide you every step of the way. An uplifting experience is our number one priority at Inspiro. During financing, we will look at the loan options that fit your needs best.
Close and Move In —
During closing, there will be more paperwork, but that’s okay because at this point you’re closer to that dream home you imagined. Your loan will fund within a day or two of closing and you’re now ready to move in!