What You Need to Know Concerning Your Credit
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Mortgage & refinancing preparation made simple
Buying a home is probably the single largest investment most people make
in a lifetime. By preparing yourself and your credit before a home purchase
or refinance, you can ensure a smooth finance process and can potentially
save thousands on your loan. Improve your financial profile now so you can
take advantage of the low interest rates before they disappear.
Start by checking your credit
Figure out how much you can afford
- The rule of thumb is that most borrowers can afford a home that runs
about two-and-one-half times their annual salary.
- Calculate your loan-to-value ratio to see how much you can afford to
borrow by dividing the loan amount by the property's value. If your
loan-to-value ratio is above 80 percent your rates may increase
significantly. Find a less expensive home or save up for a down payment to
lower this percentage.
- Calculate your debt-to-income ratio by adding up your monthly debts
and dividing by your monthly income. A debt-to-income ratio under 20-39
percent is usually considered good and will help you be perceived as
- Don't be afraid to start small. Just because you may qualify for a
large loan doesn't mean that it is a smart financial decision to buy as
large a home as possible. Take a careful look at your family budget and
your housing needs before you decide how much you can really afford.
Be a smart borrower this summer and save thousands by preparing your
credit before you apply for a loan.
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