You Want to Buy A House? Now What?
Did you do your homework for home-buying? Know about different mortgage options? Let's look at a few things you need to know to be ahead in your home game.
Do you know your credit score?
The higher your credit score, the lower your monthly payment. Simple as that. If it's below 660 or 680, you're either going to have to pay sizable fees or a higher down payment. A score of 700 to 720 will get you a good deal, and 750 and above will get you the best rates on the market. A good rule of thumb is to go over your score to check for inaccuracies that you can and should fix. Plus, stop applying for new credit a year before you start to apply for financing.
What is your debt to income ratio?
A safe formula is that