Do you know what determines your buying power in the Grand Junction real estate market? There are four things.
- Credit score tells a lender about your creditworthiness. It tells them if you’ll have the ability to pay your loan on time.
- Your down payment. The more money you have down at the time of closing gives you a greater ability to buy.
- Debt-to-income ratio. Having a steady paying job is great, but is not the only thing when it comes to determining your eligibility. One of our preferred lenders can teach your more.
- Assets. In addition to having reliable income, lenders will want to make sure you have assets on hand to make sure you can make timely monthly payments.
I hope you found these tips for determining your buying power helpful! If you’re looking to buy or sell, or you know someone looking to buy or sell, please reach out to me!