For Generation Y buyers, that figure is as high as 97%, according to the report. Here are five ways borrowers can reduce their debt, increase their cash flow and achieve a low debt-to-income ratio before buying a home. Prune away credit report inaccuracies While you might not put much thought into old information on your credit report, such as an old address or a late payment from a decade ago, lenders do.
Whether you’re moving into your first home or relocating to your second, there’s a good chance you’ll need outside financing to obtain it. According to the National Association of Realtors’ 2014 Home Buyer and Seller Generational Trends report, 88% of recent buyers financed their home purchase.
Here are five ways borrowers can reduce their debt, increase their cash flow and achieve a low debt-to-income ratio before buying a home.
Appearances matter on your credit report, and multiple addresses can give off the impression that you’re financially unstable. Bovee advises consumers to delete old addresses from their report. He also urges them to contact credit agencies about paid bills that are still showing on credit reports. Read more…