Trusted Home Inspectors in Cathedral City, CA

First time home buyers Introduction First time home buyers, listen up. You're about to embark on the most exciting journey of your life. Buying your first house can be stressful, but it doesn't have to be. Follow these simple steps and soon enough you'll be signing papers for the place you've always dreamed of owning! Credit check A credit check is a review of your overall financial history and how you’ve handled debt in the past. In short, it helps lenders determine whether or not they should lend you money. Why is this important? Because your loan approval (and interest rate) depends on it. The better your score, the more likely you are to get approved for a lower interest rate and more favorable terms on your loan. And as a first-time home buyer, every little bit counts! There are two main types of credit scores: FICO and Vantage Score. Your lender will use one of these scores to make their decision about whether or not to approve your application for a mortgage loan or personal loan. In general: the higher your score, the better off you are financially—and vice versa! The average credit score range varies from lender to lender but generally hovers between 700 - 750 for excellent credit vs 600 - 699 for poor credit (in most cases).