Introduction

If you are considering buying your first home and wonder where to begin--that's what we're here for! First, we'll provide you with the general information that you need to get started, then we'll guide you, step-by-step through the entire process.
    

What Lenders Look For

You'll be better prepared to apply for a mortgage loan if you fully understand how lenders determine whether or not you are a good credit risk.
The lender will look at your:

• credit history

• assets

• ability to pay

BOTTOM LINE: The lender wants to be sure that you have enough income to repay your mortgage, plus your existing bills, and still have enough money to live on.
    

Little/No Credit

If you have little or no credit history, your lender will look for consistent on-time payments to rent and utility companies. To increase and protect your credit rating:

• Maintain at least one revolving charge account, such as Visa or MasterCard

• Pay all of your bills on time

• Don't max out your credit cards

• Don't apply for too many credit lines (inquiries are reported to the credit bureaus)