The first step in the home purchase process is understanding the financial realities.
First there is a difference between home buying and home borrowing.
Your debt load (debt to income ratio) and credit score will likely have the greatest influence on your ability to borrow to purchase a home.
- debt-to-income ratio - percentage of your income that goes toward paying your debt calculated by dividing your monthly debt spending by monthly income and multiplying by 100.
- credit score - a numerical rating of creditworthiness derived by information in one's credit report. Although several number systems exist this number gives a real snapshot of risk.
Every twelve months you are entitled to receive free credit reports for your review. Here is the link to AnnualCreditReport.com.
When you are ready to buy a house or condo in Brevard County, Florida, give me a call at 321-693-3850 or email if I can help in any way.