Found 2 blog entries tagged as Home Buying.

In yesterday's blog we talked about the need to obtain your credit report from the 3 major credit reporting agencies-Experian, TransUnion, and Equifax. The reason for doing so was to have this information in front of you before you consider submitting your loan application to lenders.  Once you have these reports, you need to see what your FICO scores are.  If they not in the mid 700's, your chances of getting a good loan is poor.  This score is composed of many elements about you and your credit history-things like how many loans you have, what kind of payment history you have, what type of loans you have, etc..  A value is given to each of these elements, and a score assigned by each of the different agencies above.   

Assuming you are still eligible…

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As you begin your search for that perfect Tudor style Oakland home in the hills, there is always the concern about whether or not you will qualify financially, so that you can buy it.  This is not uncommon concern, and below are some tips on how to analyze where you are financially, and get a sense of just "how much home" you will be able to afford.  While it is not the final say, and there are many more elements involved, it will give you a general sense of what the banks will be looking for. 

Overall, the lenders are concerned about three things regarding future borrowers:

1. Credit Rating: In an earlier blog, on July 13th, I wrote a detailed blog on how a credit rating is arrived at.  But, in quick summary form, a credit rating is based on a FICO…

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