Checklist for First-Time Home Buyers
Buying a home for the first time can be scary, but it doesn’t have to be! Here at Benefit Title, we’ve helped countless first-time home buyers land their Florida dream homes and we can help you too. Review our first-time home buyer checklist below to get a basic idea of the home buying process, then contact Benefit Title Services at (800) 237-9190 to start the title search process on the property you intend to purchase.
1. Calculate your debt-to-income ratio
The debt-to-income ratio (DTI) is a measure of how affordable your monthly mortgage payments are. Lenders usually want a DTI of less than 36%, of which no more than 28% is from the mortgage itself. There are several online DTI ratio calculators available to help you determine your DTI ratio. If yours is too high, work on improving it by decreasing your debts or increasing your income. Read more