Thinking of buying a home? 2009 may be the best time ever!
Home prices in the Dallas – Fort Worth area are moderate and tax incentives of up to $8,000 are available for first-time buyers. Mortgage interest rates remain low, resulting in lower monthly house payments.
Today, however, credit worthiness is more important than ever when qualifying for a mortgage. A little up-front work can expedite the qualifying process.
Learn your credit score. Your credit score reflects your borrowing history and is considered by lenders an indication of how likely you are to pay back money you borrow.
Determine your debt-to-income ratio. This ratio expresses the amount of money you owe compared to the amount of money you make. Generally, a debt-to-income ratio of 38% or less is needed to qualify for a home loan.
Assemble the documentation the lender will require. Lenders usually require six months of bank statements and recent tax returns to verify income.
Obtain a pre-qualification letter from a dependable mortgage lender. Ask an Ebby Halliday, REALTORS sales associate to introduce you to a Home Team Mortgage loan officer who can quickly and easily pre-qualify you for a mortgage.
Now, you’re ready to work with your Ebby Halliday, REALTORS associate to find your perfect home!