As a first time home buyer, you will need to know your credit score and see if you’re in good standing. Your credit score is a statistical numerical summary of your credit report. This is personal financial data that indicates how well you’ve paid off past debts such as credit cards or loans.
A credit score gives lenders an idea of your credit risk and worthiness. Lenders could see how likely or consistent you are to paying your debts on time. A credit score tries to determine the amount of risk involved in lending you any money. lenders could then look at activity related to your score, then review details from your past and present and see if you can be qualified.
Also, whoever you choose to be your lender make sure they are trustworthy and show responsibility.
This person should listen to you, put your needs first, easily communicate to you and they should be able to explain your home loan options in plain terms so you could understand every detail of where your money is going.
I encourage you now to look at your credit score to see if you are in good standing. You could check your credit score by visiting the website TransUnion, CreditKarma, and MyFico. Once seeing your score you can now get a better understanding of how and when you should start purchasing a home.
