Whether you’re applying for a home loan for the first time or you’re an experienced buyer, there are some important things to keep in mind to ensure that your home buying process is simple.
Pay All Your Bills on Time
When applying for a home loan, it’s important you have a good credit history, which includes paying all your bills on time, every time. A late payment may negatively affect your credit score, and that can play a part in whether you’re approved for financing and, ultimately, the rate and term you may receive.
Be Wary of Employment Changes
A stable employment history is important when preparing to buy a home. After all, you have to show that you have the stability and continuity of income to repay the loan.“Requirements may vary based on the type of employment you have, but for most salaried borrowers, there is no specific time on the job required,”Based on your situation, you may be asked to provide additional work history and income information.
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