Posted on: 06th Apr, 2009 03:57 pm
I am interested in purchasing a bigger home. One broker suggested that in order to qualify for a higher loan amount, I should do the following
1. pay auto loans down to less than 10 months
2. sell existing home
3. reduce credit card debt as much as possible
4. be a permanent employee for at least one month
I am executing the above to increase my ratio. Is the above correct and if so do I have them in a correct order, any other suggestions would be greatly appreciated
1. pay auto loans down to less than 10 months
2. sell existing home
3. reduce credit card debt as much as possible
4. be a permanent employee for at least one month
I am executing the above to increase my ratio. Is the above correct and if so do I have them in a correct order, any other suggestions would be greatly appreciated
If you qualify for a lower interest rate, that can also increase your potional for a higher loan amount, but don't buy more house than you can afford to pay :)