If you are unaware as to the importance of credit when it comes to buying a home, perhaps you should not try and buy one.
Not only is your score an important factor when you apply for a home loan, it can determine how much you pay each month.
Credit numbers will influence how much interest rates and finance charges will cost you each month.
Two people with the same amount borrowed could have a difference of $500 a month completely based on how high or low their credit score is.
Think about that, your score can save you $500 a month, that's $6,000 a year just for simply paying your bills on time.
It can also keep your homeowners insurance down and help you save money on other expenses for the house itself.
If you have a low score and you do not want to have that cost you either an application approval, or cost you each month you need look into credit repair.
Rather than simply just paying your bills on time each month which is effective but can take months or years to bring your score back up, credit repair can fix it in weeks.
It is so effective it can fix any number even if it was lowered by things like law suits, missed payments, foreclosure, repossession, bankruptcy, and even identity theft.
Once you have your number taken care of you will need a couple things to get approved.
First you will need to have an established income that shows you can make the mortgage payments on time every month.
Banks usually require you to make three times what the monthly payment would be.
Finally you need to have money down on the property, usually about 20% of the purchase price.
Not only will this allow you to own part of the home when you buy it, it also will help you save money because you borrow less.
By David George