Congratulations! You've decided to begin your journey to becoming a homeowner.
HomeTraq has provided several key concepts that will provide you a foundation for your home-buying experience. For FREE, hands on help, Click Here
Financial Factors
Credit score
Your FICO score is on a range from <580 - 800, the aim of the game here is to get your score higher. You are presenting yourself as a reliable and dependable to the lenders and so you going to get lower rates. Lower rates = more money to spend on the house.
Debt
Look at your debt and your monthly income and compare them. This is called your debt to income (DTI). Experts suggest no higher than a 43% DTI.
Down Payment
Most people here that you have to put down 20% for a house. Don't get me wrong if you can put that down then that makes you more appealing to lenders and helps you in a possible bidding war. Not everyone has that money so there are some other methods. CLICK HERE to read how.
Conclusion: While the first steps of the home-buying process are crucial, it's important to understand the more concepts such as house-hunting and home-closing. HomeTraq will provide you with a superior search experience, all while assisting you with lender options.
Create your free account and enjoy your house-hunting!
