Are you in the market for a house?
As you are most likely aware, it is currently a seller’s market. There is a shortage of houses currently for sale, which means houses are selling for higher prices and many buyers are offering more than the sales price, removing concessions, and doing everything they can to make themselves and their offer more attractive to the seller.
As a buyer you want to make sure you have a valid pre-approval letter that you can provide to the seller with your offer.
But, before you consult with a loan officer and add some hard pulls to your credit report (hard pulls are the ones that count against you), there are some things you can do to know if you qualify for a mortgage- and how that mortgage amount will affect your finances- before you get the bank involved.
1. Know your credit scores
2. Know your debt-to-income ratio
3. Know your percentage of available credit
4. Know how much house you can realistically afford
5. Know what is on your credit report, including derogatory items, late payments, and incorrect items that affect your credit score
Any questions regarding what these things are and/or how to find the answers?
I offer a Mortgage-Ready Spreadsheet and Consultation for $197 that includes one in-depth zoom call to discuss where you are and what you want to buy, plus one follow-up call (because chances are you are not going to have all the information for the first call).
After the two calls you will have an easy-to-update spreadsheet that shows you everything you need to speak with a loan officer with confidence and that you can plug your dream house numbers into.
Interested? Use the “Contact Me” form to start the process!