Homes are in short supply, which has made the local market very competitive. As such, it’s imperative that homebuyers, especially first-time homebuyers, do everything they can to improve their ability to get a loan. One of the biggest pieces of the puzzle is your credit score.

Your credit score can make or break your chances of being approved for a mortgage loan. And when you find a house you want, you need to be able to move fast in this market. Here are eight ways you can improve your credit score to have a better chance at getting approved quickly.

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In my last post, I discussed what drives a lending decision. I also want to take a look at payment ratios/formulas and how they impact the total monthly payment for a home. The dirt is in the details…let’s consider buying a house.

Whenever my team works with a client, maybe the most frequently asked question is, “How much will this house cost me every month?” It’s understandable….a necessary question. Buying a home is a huge financial investment. Not to mention one of the most important financial decisions a person will make. I find many clients are under informed about what home ownership truly costs.

The mortgage loan is simply one variable in the grand scheme of things. Instilling confidence by providing “how to” details is important…with financial clarity comes less anxiety.

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As winter inches toward spring and parts of the country finally start to thaw, many people will hop in their cars and start browsing the local housing stock for their new home. It can be an exciting venture, especially when you’ve found a few in your price range.

But what is your “price range,” really? Do you know what that corner dream house with the covered patio and finished basement will cost you each month? The truth is, the sticker price in the homebuyers guide is just a part of the total housing cost and doesn’t take into account all the other costs and criteria that a lender will be considering when you apply for a mortgage loan.

There are four distinct questions a lender has to answer before they can determine what a mortgage payment is going to look like. We’ll discuss these elements over the next few weeks, but for now… we will start at the beginning.

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