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Ready to buy a home? Hold on. Before you start dreaming about backyard barbecues, there's a crucial first step, qualifying for a mortgage
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So let's break it down. First up, your credit score. Think of it as your financial report card
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The higher your score, the more lenders will trust you've handled money like a pro
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So check your credit and see where you stand. Next, your debt to income ratio. It's a fancy way of saying the percentage of what you earn that goes toward what you owe
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The lower your ratio, the better. And if you're able to knock out some debt, you're showing lenders you're ready for that monthly mortgage payment
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And don't forget financial stability. Lenders love to see steady income, a healthy savings account, and even retirement funds
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It's all proof you're set for the long haul of home ownership. So here's your playbook, a.k.a. the Mortgage Big Three
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Check your credit report, pay down debts, and beef up those savings
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Making these moves can make a big impact when it's time to buy. Qualifying for a mortgage isn't rocket science and with a bit of prep and a
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clear financial game plan you can apply with confidence. Get ready to be a homeowner
