What to Know About the Home Buying Process

Join our #CreditChat on Periscope, YouTube Live and Twitter every Wednesday at 3 p.m ET. Are you planning to buy a home in the near future? Don’t miss the important financial tips we shared in this week’s #CreditChat.

The panel included: Lauren Bowling: Money and Travel Blogger at Financial Best Life and author of The Millennial Homeowner: A Guide to Successfully Navigating Your First Home Purchase; Derek Sall: Founder of Life and My Finances; Shashank Shekhar: Founder and CEO of Arcus Lending and author of My First Home: A step-by-step guide to achieving the ultimate American Dream; Ilyce Glink: Real Estate and Financial Wellness Expert and author of 100 Questions Every First-Time Home Buyer Should Ask; Rich: Founder of Rich on Money; Chris: Founder of Debt Free Geek; Rod Griffin: Director of Public Education at Experian and Christina Roman: Social Media Specialist at Experian.

Questions We Discussed:

Q1: What are some important things millennials should keep in mind before they begin the homebuying process?
Q2: What are some simple ways to figure out how much house you can afford? Any additional home-related costs you should factor in?
Q3: How can you make sure your financials are in order for your big purchase?
Q4: How should you manage your credit prior to applying for a mortgage? How should you address any credit issues?
Q5: How can you determine the types of loans and programs you may qualify for as a millennial?
Q6: What is the difference between getting pre-approved for a loan and getting pre-qualified?
Q7: What steps can you take if you are unable to qualify for a loan with the best rates and terms right now?
Q8: As a millennial first-time homebuyer, should you consider buying a pre-owned home or new construction?
Q9: How can you properly evaluate different neighborhoods to buy in?
Q10: What is the difference between getting your home inspected and getting it appraised?
Q11: Any final tips for a millennial starting the homebuying process?