Buyer's Guide   << back

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Being the Most Qualified Buyer
1. Take care of your credit:
  • Aim for 720+: at this score you can qualify for the best loans!
  • Make sure payments are made on time.
  • Learn how to maximize your credit score. Certain activities increase or decrease your score.
  • The higher your score, the more likely you are to qualify for better interest rates which means less monthly payments for you and more loan options.
2. Save cash:
The more cash you have available, the more qualified you are in the eyes of the lender. This opens more options for different loan programs and can increase your ability to qualify for better interest rates and programs.
  • Try to save enough for a 1% deposit and a few months of mortgage payments.
  • You may want to consider having extra cash to reserve the option of buying down your interest rates or to put as a down payment.
  • Learn how to maximize your credit score. Certain activities increase or decrease your score.
  • The higher your score, the more likely you are to qualify for better interest rates which means less monthly payments for you and more loan options.
3. Establish yourself:
Try to have 2 years of stable employment. This is a standard requirement to qualify for a quality loan.

4. Retain all Documents:
Often times, plenty of financial documentation will be required, including bank statements, mortgage documents, loan debt, etc.

5. Don’t Accumulate Excess Debt:
Accruing too much debt can hurt your debt-to-income ratio (DTI): an important ratio when it comes to qualifying for a loan.

Considerations
1. Take the time to consider your options:
  • Condominium or house?
  • High price or low?
  • How much are you comfortable paying per month?
  • Will you consider pairing up with friends or family to purchase a home?
2. Take the time to define your ideal home considering your financial and personal situation:
  • How long will you live at the property?
  • How many beds/baths?
  • Required amenities.
  • Property status (move in ready, fixer upper).
  • Ideal locations.
  • School districts.
  • Local facilities/businesses.
  • Communities.
If you take the time to carefully consider and manage the above mentioned points, you will stand a much better chance of qualifying for the best loan possible. That means financial savings for you or more home for your dollar! And by clearly defining what kind of home is right for you now, you can make the house hunting process much smoother.

For any help on how to become a more qualified buyer or any questions about buying your next property, contact us now at 888-88-DYCOR or submit a form here!