Mortgage Blog
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3 Is the Magic Number When It Comes to Buying a House. Here’s Why
May 30, 2022 | Posted by: Marc Crossman
Here is what you need to know before buying your first home — and why these things always seem to come in threes.
Review reports from all 3 bureaus
Lenders use 3 credit bureaus to determine your score: Equifax, TransUnion, and Experian. Review your credit report in advance from all three and have any errors corrected.
Get 3 rate quotes
Every mortgage lender has different fees, closing costs, and criteria for the loans they offer, which is why it is crucial to compare rates from different lenders. Obtaining quotes from 3 lenders helps you be sure to get the best deal.
Wait 3 months to apply for a mortgage after major financial changes
When buying a home make your upcoming large purchases prior to applying for a mortgage. Lenders like consistency so avoid any major changes to your finances four months before applying.
Ask 3 questions before you sign
Does it fit our current and future needs, can I afford the debt obligation, and what maintenance is needed once I buy the home? Before making offers or signing paperwork ask these questions.
Pre-approvals are good for 3 months
Avoid having your dream house put back on the market by getting a pre-approval before making an offer. Most are good for 90 days, so you’ll have time to shop around once you receive yours.
Call or email us today at 780 701 3888 or marc@albertamortgagepros.ca
See the full article here: https://www.apartmenttherapy.com/3-is-magic-number-for-buying-a-house-36866400
