Understand the home buying process

• What credit score do I need to buy a house?

  Most lenders require a credit score of at least 620 for a conventional loan, though some government-backed loans may accept lower scores. A higher credit score can help you qualify more easily and secure a better interest rate.

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• How do I choose the right mortgage loan for me?

  To choose the right mortgage, start by looking at your financial situation and long-term goals. How much do you have saved for a down payment and closing costs? What does your credit history look like? Answering these questions can help you narrow down your options. From there, you can compare different loan types to see which ones you might qualify for and which ones may fit your budget best.

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• Why should I get preapproved for a home loan?

  During the preapproval process, the lender dives deeper into your finances to determine exactly how much money they’re likely to lend you. Knowing this number upfront may help you avoid setting your heart on homes that are likely out of budget or unnecessarily passing up a property that checks all of the boxes on your wish list. Having a pre-approval letter also shows sellers that you’re a serious buyer who can back up your offer with solid funding, which may give you an edge over other potential buyers when it’s time to make an offer.

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• What are things to ask when buying a house?

  When deciding to buy a home, it’s important to consider more than just the list price. As a new homeowner, you’ll need to pay for expenses you may not have budgeted for before. For example, you’ll need to maintain your HVAC each year. And unexpected repairs for things like a leaking roof, backed-up plumbing or outdated electrical wiring can be costly. You’ll need to make sure your new monthly mortgage payment leaves room in your budget for it all. If your new place is significantly larger than your old one or uses a different method of heating and cooling, your utility bill could also be bigger than expected. You may find it helpful to review past utility bills for similar homes in the area before making an offer.

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• Is a fixed- or adjustable-rate loan better?

  A fixed-rate mortgage has the same interest rate for the length of the loan, which could make budgeting for your monthly payment easier. An adjustable-rate mortgage (ARM) typically starts with a lower rate that may change over time based on market conditions. While your monthly payment will likely rise over time, an ARM could offer short-term savings if you plan to move or refinance within a few years.

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• How do I apply for a mortgage?

  The first step to applying for a mortgage is to understand your own finances and credit score. From there, you can start to explore different types of home loans and narrow down the ones you’re likely to qualify for. You’ll also want to gather important documents your lender might ask for, such as pay stubs, bank statements and tax returns. Before you start house hunting, consider getting pre-approved, so that you have a better understanding of how much house you can afford. Once you find a home and the seller accepts your offer, you’ll complete a mortgage application. Your lender will walk you through the next steps, including the appraisal and underwriting, before you get to the closing table.

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