Buyer Tools & Services

 

 

 

Being an informed Buyer is your best tool when you are considering the purchase of a new home.  Generally, it is a good idea to determine what price home you would be most comfortable purchasing, and (if you are planning to finance the purchase) what size mortgage you can qualify for.  Read on, then feel free to CONTACT US with any questions. 

  

Here are some things to consider:

 

• KNOW YOUR CREDIT SCORE!  Your credit score is probably the single most important piece of information that lenders may use to evaluate your mortgage application.  Do you know your score?  CLICK HERE to go to the Equifax web site to learn more and to find out your credit score.  (Equifax may charge a fee for this service, but it is well worth the small fee to find out where you stand).

• DETERMINE YOUR DEBT RATIO.  Your debt ratio is the amount of minimum monthly debt payments divided by your monthly income.  Lenders use this ratio to determine how much of a mortgage you can qualify for.  CLICK HERE to use our Debt Ratio Calculator to find out yours!

• CONSIDER PAYING DOWN YOUR DEBT.  Paying down your debt and paying your bills on time may be the two most important things you can do to improve or maintain your credit score.  CLICK HERE to use our Debt Payoff Calculator.

• FIGURE OUT WHAT MONTHLY PAYMENT YOU CAN AFFORD.  Your income to debt ratio will determine what monthly payment you can afford.  That, and the mortgage interest rate will determine how much you can borrow.  You can figure this yourself by using one of our handy mortgage calculators ... CLICK HERE.