07/22/2024
1️⃣Keep a good credit score! The higher, the better. This is a snapshot of your financial health, and lenders use this to gauge your ability to repay debts.
2️⃣Save a down payment! The bigger the down payment, the better - the minimum down payment when less than $500,000 is 5%; between $500,000 and $999,999, you will need 5% for the first $500K and 10% for the portion above $500K, and $1 million+ you need 20% of the purchase price.
3️⃣Keep your income stable. Lenders like to see proof that you can make your payments; a full-time job is the best way to show it.
4️⃣Pay down existing debt. Your balances don’t need to be at $0, but how much debt you carry will affect how much you can borrow.
5️⃣Get a mortgage pre-approval!
