How should we go about buying a house...?
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we have bad credit but are currently working on it, should we get preapproved for a loan then go house shopping or find a house and then try to get a loan...considering we have bad credit i think we should get preaprroved first, also we live in pennsylvania anybody know any loan officers that could help us. we make good money.
How should we go about buying a house...?you should get preapproved first... nothing worse than falling in love with the perfect house and getting turned down for a loan... you can try banks, but you can get better interest rates with Mortgage brokers/lenders. We actually started with our bank and then negotiated with another lender for the lower interest rate just before we went to settlement. We ended up with Chase Mortgage.
How should we go about buying a house...?Before you go for pre-approval - which won't happen if your score is below 640 - you need to clear up your credit. Too many loans fall through at the end because the DTI - sorry, debt to income ratio - or some other foolery is all off. You need to fix stuff (or wait at least 60 days if you have paid the bad credit off), then apply for a home loan. This is the best way to get the best interest rates on a home loan.
How should we go about buying a house...?I think you'd be better off getting pre-approved first too. That way, you'll know what you have to work with. If you go to a good mortgage agent they'll pull your credit report and tell you what you need to get paid off in order to qualify. We were in pretty much the same boat a few years ago. We worked through Countrywide and they were great.
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