10 Things to Ensure Financing for Your Home

by Christine DemosMarch 13, 2017

You’ve started looking at homes with a different eye and begin thinking “can I afford that?” or “what can I afford?” While looking is fun, here are ten tips to help you attain the financing you need for the home of your dreams:

  1. Improve FICO Score.
  2. Maintain a steady job history.
  3. Having a 20% down payment is optimal, but you can still make a huge dent with 5%-7% down payment as well.
  4. Improve debt to income ratio; pay off high interest credit cards.
  5. Stay within your budget by looking at what you can afford on a monthly basis.
  6. Shop around for the best interest rate as that really can make a huge difference for your monthly payments.
  7. Get pre-qualified so you can know how much you can afford; again take into consideration your monthly expenses.
  8. Apply for a loan that you can afford.
  9. Start talking to a financial planner to see how you can better save or invest your money.
  10. Finally, do not apply for credit at least six months before you apply for the loan.
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About The Author
Christine Demos
Christine is the Content Marketing Specialist for Homes.com. She's a small town girl at heart, who currently lives in Norfolk, VA with her husband and their fur baby. When she's not working, she enjoys cooking, decorating, traveling, and binge watching Netflix. As a proud Virginia Tech alum, she also loves cheering on the Hokies!