04/29/2022
If you’re getting ready to buy a home, it can be hard to decide what to focus on first. I can help with that!
One of the most important things you can do is to pay down your debt. This is important because the amount of debt you have is a key factor mortgage lenders look at when deciding whether or not to give you a mortgage.
The less debt you have, the more likely you are to get approved for a mortgage. Reducing your debt will also help build your credit score, which is also a key factor lenders look at.
Here’s a few tricks to help pay down your debt:
-Build a budget and stick to it!
-Look at your monthly subscriptions and cut down on what you don’t use
-Pick up a side gig to increase your income
But remember that you don’t have to pay off all your debt to get a mortgage. Mortgage lenders look for buyers who have a debt-to-income ratio of 43% or less. Paying down your debt to 30% or less will give you even better chances of getting approved!