When it comes to Home Loan before thinking of putting up an offer on your property.You shall receive a pre-qualification certificate once the process of pre-qualification is complete, this shall clarify the amount you could lend from the bank. Once you are aware of the amount, you can check the rates and then negotiate the price with possible sellers.
Know your credit scores and credit ratings
This shall give you a fair amount of understanding on what kind of loan you shall qualify for and how you could choose the best bank for yourself for a Home Loan.
You can opt for a free Credit Score and know your credit score right away. There are sites that offer it for free and it saves you a lot of time.
Know your Credit History
Every lending amount transaction is tracked by a bank/lender and reported to the Credit bureaus who keep a track of all the lenders on one report which is also called Credit report. This report is a snapshot of all your credit history i.e. all your lending transactions and your repayments on the same. It shows the numbers of dues you have to pay in comparison to the amount you have borrowed.
There are pre-approved mortgages. If you have a good credit rating and your credit history doesn’t have any kind of outstanding dues, the lender might give you an upfront pre-approved mortgage. Having a consistent and good credit rating can save a lot of money and time when you need to buy a house.