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Before you decide to buy a home, check your credit score, your debt, and your savings. Those three pieces of financial information may have a big impact on your ability to qualify for a loan, get a competitive interest rate, and buy the home you want.
Popular questions
A lender will check your credit score and history, your debt-to-income ratio, which is a measurement of the amount of debt you have compared to your income, and take a general look at how much money you have in checking and savings accounts in order to be confident you’ll be able to pay for your mortgage, taxes, and other costs associated with buying a home.
Learn more about your finances and how they impact buying a home
Your maintenance costs will vary based on what type of home you own, but experts recommend setting aside at least 1% of your home’s value for maintenance each year.
Credit scores range from a low of 300 to a high of 850. While there’s no magic credit score that will guarantee you will be approved for a mortgage, generally speaking, the higher your credit score, the more borrowing options you may have.
There are several ways to reduce debt, including decreasing your spending on non-essential items. Another option is to put money that you may not have already budgeted for, such as a tax refund, toward larger payments on your debt.
More help for your journey
Current Wells Fargo customers have exclusive access to a one-stop real estate tool that lets you search specific neighborhoods, know when homes are listed, and get the insights you need to be more confident in your purchase. Start exploring today.
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