Wondering what impacts your pre-approval?
Factors That May Impact Pre-Approval
Ready to dive into the house-hunting pool? 🏡💦 Wait! Before you take the plunge, ensure you’ve got your floaties on. Here’s the lowdown on what lenders really peek at when you’re aiming for that golden pre-approval:
🗝 Paychecks & Beyond
Sure, your monthly salary is a start, but lenders are looking for the whole financial symphony. Think of consistent income, a stellar credit score, and a robust down payment.
🗝 Job Journals
In the homebuying story, a steady employment plotline is a bestseller. A few plot twists (like employment gaps) might need some explaining, but hey, every story has its quirks!
🗝 The Debt Dance
Enter the DTI – your debt-to-income ratio. It’s the fancy footwork showing how nimble you are juggling income and debts. A smooth DTI waltz can make lenders’ hearts flutter.
Feeling a tad overwhelmed? No worries, I’m here with the choreography. Let’s tango through the process together!