A message 📣from our team leader, Brandon Brittingham:
We want to give you an important tip today if you’re thinking 💡 about buying a house: be mindful of your credit.
If you’re thinking about purchasing a home🏠 and you’re going through the process of getting financing and talking to a lender about getting a loan 💵, one thing that a lot of people don’t know is once you start the process, they look at your debt to income ratio to qualify you for a loan.
What does this mean for you? They look at how much debt 💲 you may have – like car 🚗 payments, credit cards, things of that nature to how much money that you make. When they qualify you on the loan, they take all of that into consideration.
So when you start the process, what you have on your credit is what the lender goes off of. Now sometimes people don’t know this and they make the mistake of (while they’re in the 🏘 home buying process), they go out and put a large purchase – maybe buy a vehicle or furniture on their credit ,whatever the case is, not realizing that this later on could affect their ability to buy a house .
One of the things that’s really important for you t if you’re thinking about buying a house🏘 – for the period of time that you are going through the process to actually settle, you ❌shouldn’t put any type of large purchases on your credit. Especially a large purchase 💲 on your credit that would increase your debt to income ratio. Just a quick little tip when you’re thinking about buying a house – be mindful of your credit!
The Maryland and Delaware Group of Long & Foster Real Estate
📱D: 443-783-3928 O: 443-339-9200