Whether you have plans or have considered it, we have the necessary information so that one day you are in the best conditions to buy a house.
What you need to know before buying a House
Your ability to pay the loan
Lenders can decide if you have the ability to repay the money that has been lent to you before granting you a loan to buy a house. They can analyze factors such as: your income, the value of your assets, employment status, savings, and the monthly payments of your debts. (Read also How to Buy a House Without Money?)
Among your financial goals, are you buying your own home? First, consider opening a bank or credit union account, or keeping the one you already have in good standing. Find out how our information can help you take control of your money.
When you have an established bank history, it becomes easier to obtain loans and even move to a new home. When applying for a mortgage loan to buy a house, some lenders may not grant your request without you having a checking or savings account because you cannot verify the source of your down payment. In addition, without a bank account, many public services and rental housing may require you to provide much larger deposits. (Read also Perfect Guide How To Buy A House)
How have you managed your credit?
Lenders evaluate your score and credit report to see if you have paid your debts on time.
We all have financial goals and dreams that we want to achieve. If you want to make your financial goals a reality, knowing how to establish and maintain a robust credit history will be of great help.
Having “good credit” can help you access financial opportunities.
- Important purchases: If you cannot make a purchase with cash, the vast majority of large purchases, such as houses and cars, require that you have some type of credit.
- Loan options: Businesses use it to decide if they offer credit or not. They also use it to establish the terms of a loan and how much it will cost at the end.
- Buying a house: A good credit history is a key element that determines, first, if you can get a home loan to buy a house, and then, the interest rate you will pay over the duration of the mortgage.
Tips for those who plan to buy a home for the first time
Be clear that you should not be discriminated against
Whether you obtain a mortgage on your own or with another person, lenders cannot refuse credit, charge you extra fees or interest rates, offer you unfavorable terms, or discourage you from requesting a loan based on your, among other reasons. :
- country of origin
- marital status
- be a beneficiary of public assistance
Find out if there are assistance programs for people who buy a home for the first time
Many states and local organizations offer programs that help first-time buyers with down payment or closing costs. To find programs near you