What credit score do you need to get a home loan? While specifically, it can vary, there are certain things you should know before you apply for a mortgage to ensure you’ve put yourself in the best possible financial position.
“Any thoughts of bargain-hunting in the aftermath of the coronavirus shutdown have proven to be a losing strategy,” said Forbes. “While it seemed likely that house prices would decline due to lack of sales activity, the opposite has occurred. According to recent statistics issued by Realtor.com, median listing prices are 5.6% higher than one year ago, and more than a full percentage point above the levels just before the COVID pandemic shut down the economy.”
But, interest rates are at historic lows, which stretches your buying power. “Buying now will give you an opportunity to lock-in the lowest mortgage rates in history,” they said. “Though it’s possible mortgage rates can fall even lower from here, there’s no way to know that will happen. But what we do know for certain is that interest rates are better now than they’ve ever been, making buying now more compelling than ever.”
If you’re considering buying your first home right now, here are the questions you’ll want to ask yourself.