Buying a House
The biggest purchase you will make in your life. And we want to help you.
Here are some tips from our expert loan officers to help get you through the buying process:
- First, review your credit score with free copy of your credit report. Mortgages rely greatly on credit score. At least six months before you apply for your mortgage, review your credit report in detail and be sure to correct any mistakes that may be there. If you find you need to improve your score, use the resources and professional support at www.greenpath.com
- Have a reasonable debt-to-income ratio. Your total debt-to-income ratio should be no more than 38%. A safe mortgage is 28% house debt-to-income ratio.
- Here is where your savings account is key. Lenders would rather see that you have a good amount of money saved rather than living paycheck to paycheck. That extra money will also come in handy if/when the house needs repairs, maintenance, etc done.
- Get pre-approved for a mortgage. There is a difference between pre-qualified and pre-approved. Pre-approved means the lender has reviewed all of your financials and they will decide how much they can lend you. You don't want to go house searching until you are pre-approved.
- Be aware of what is currently happening in the housing market.
Contact a loan officer for more information.