11/08/2022
Here are three important numbers you want to get familiar with before buying a house! π ββββββββ
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π CREDIT SCOREββββββββ
Your credit score is determined based on your payment history, current debt, length of credit history, credit mix and new credit. It's advised new homeowners have at least a 620 credit score before purchasing a home.ββββββββ
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π DEBT-TO-INCOME RATIOββββββββ
Your debt-to-income ratio is determined by dividing your monthly expenses with your monthly pre-tax income. ββββββββ
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π LOAN-TO-VALUE RATIOββββββββ
Loan value is determined by subtracting the down payment from the property price and dividing it by the property price. ββββββββ
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Have any questions about purchasing a home? Connect with me today! π²ββββββββ
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