Why do I need to talk to a lender now to buy a home? This process helps you get mortgage ready for the best mortgage interest rate and terms while interest rates are very low. You have not done service to yourself by waiting to the last minute to say I want to buy a home. Why do I say that?
Once your credit report is pulled you will see exactly who you owe and how much you owe to each creditor. This also includes any unauthorized debtors. This gives you a chance to clear up any unforeseen matters that may arise. You may find that your score is higher or lower than you even imagined.
Minimum credit score is 580-620, I desire to see my buyers at least 700. This assures you a better interest rate and shows a bit more self discipline. Lenders can give you suggestions at a minimum on what debts you need to pay down or off, however they are not credit counselors. A soft credit inquiry does not hurt your score and gives the lender an idea on where you stand. Hard inquiry reduces your score at least five points. They can also advise on how much putting down to bring down your monthly payment.
If you are in a rental property and want to buy, 90-120 days out start seeking the market to see what is out there that suits your needs. On the average it take 45-60 day's closing, so work this backwards from when the lease ends. The bottom line is that I suggest to have a contract accepted by the seller 80 days out so that you may have time to spare with the move and cleaning rental. As a realtor my job is to position you in the driver's seat when it comes to buying a home. I have several lenders that are in my circle to get you pre approved. As for searching for Orlando Florida Real Estate, I am one of the finest Central Florida Realtor's you can find! Contact me today at 850 496-6412 and Facebook Kevin Sells Florida to assist you through this process and receive the keys to your own new home.
Several things you don't do during this process
Buy a car or furniture
Move money around
Use of excessive credit cards
Spend closing cost money
Do not lie on application
No large deposits
No disputes on credit report