Continue to Hold Off on Closing Existing Accounts
Every item on your credit report contributes to your credit history, which is a record of your responsible debt repayment. The longer your credit history, particularly if you have a strong payment history, the better. When applying for a home loan, do not close any existing accounts, even if they have no balance.
Shop with Confidence in the Buying Process
You’ve undoubtedly heard how important it is to get preapproved for a loan before you start looking for a new house, but you might not realize what it entails. In general, pre-approval means that a lender evaluates your creditworthiness and gives you an estimate of how much money you can borrow. Unfortunately, the standards for this differ between lenders, making it difficult for a seller to feel confident in an offer based on a pre-approval.
The Power Buying ProcessTM from Rocket Mortgage® by Quicken Loans eliminates all of this ambiguity, allowing you to know exactly where you stand in the mortgage process and make a solid offer when the time comes.
The Power Purchasing Process has several layers of approval: Prequalified and Verified ApprovalSM,1.
Quicken Loans will verify your credit and look at any revolving debt you have to get a Prequalified Approval. We’ll also need you to estimate your entire income and assets. We’ll check your income and assets in the next phase, Verified Approval. This additional verification gives you confidence in your ability to close on your new house.
While no two clients are alike, following these guidelines may help you set yourself up for success and a direct, seamless house buying experience.
