Buying a home is probably the biggest investment you'll ever make, so it's not a decision to take lightly. In addition to being ready emotionally to take on the responsibility, you'll need to take an honest look at your finances. Lenders will want to see that your total monthly housing payment is no more than 28 percent of your gross monthly income1.
You'll also want to check your credit score, which has a big impact on whether your loan will be approved. Lenders will use this number to determine the best interest rate you can get on your loan.
You'll also want to check your credit score, which has a big impact on whether your loan will be approved. Lenders will use this number to determine the best interest rate you can get on your loan.
× courtesy of Nakia Evans, Associate Broker with Coldwell Banker Residential Brokerage in Timonium, MD. You can reach Nakia at 410-252-2111 or 443-864-1358.
If you would like to learn more about your credit score and qualifying for a home loan, please plan to attend one of our Credit Workshops!
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