How to Spend Wisely in Wilmington


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The value of credit goes a long way. By now, most people understand how your spending habits affect your credit and your overall financial standing. This deeply affects people wanting to buy a home!
 

You should always be careful with your spending habits. Credit report agencies pay close attention to your habits, which affects how lenders analyze these reports.

To approve a loan, a bank will review your payment history in addition to debt and income ratios. Lenders will go way back in your history to approve a loan, including any major or minor spots on your credit report. That’s why you should be extra cautious during the holiday season; it’s easy to get into new debt while shopping.
 


YOU SHOULD ALWAYS BE CAREFUL WITH YOUR SPENDING HABITS.

Mortgage lenders will examine your eligibility based upon 10% new debt, 10% types of credit you have, 35% payment history, 15% length of credit history, and 30% debt-to-income ratio. It’s important to look ahead and stay conscious of your spending, you never know when you will want to invest or buy a home. Set a solid ground for strong credit for the future.

The bottom line: pay close attention to your spending this holiday season and keep a close eye on your payments being on time.

If you’re thinking about buying or selling a home this holiday season, give me a call or email today. I’d be happy to serve your real estate needs in the Wilmington area!