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Today, I’ll focus on four specific things that help determine your buying power in Northern Virginia.
- Your credit score: As one of the most important factors in the buying process, I recommend checking your credit score. Oftentimes, these services offer advice on how to improve your score.
- Your down payment: You should know how much your initial down payment will be. A lender looks at this. Different types of loans don’t even require one, so it’s better to familiarize yourself with the requirements.
- Your debt-to-income ratio: This accounts for how much debt you have and how much income you bring in. This ratio determines if you’re able to pay off debt, and impacts what type of loan you’ll get.
- Your financial resources: One of the lender’s biggest concerns is whether or not a borrower has the means to pay back the loan. They’ll need to review your financial information to know.
If you’re thinking about buying or selling a home in the surrounding area, give me a call or send me an email. I’d be happy to answer any real estate questions you have!
