It's not perfection.
Time for Self-Assessment
It's best if you take a
look yourself before turning to a lender.
you're ready to buy from a financial standpoint, and before you go to talk to
a mortgage lender, try doing some self-assessment on your own.
keys are having a sufficient, stable income to cover your monthly payments, the
money for a down payment and closing costs, and a decent credit history. Fortunately,
you don't have to get straight As in all three categories to qualify for a home
mortgage loan. Again, no lender expects you to be Superman or Wonder Woman. Your
strength in one area might balance your weakness in another.
A little tweaking may be all you need.
had some past financial problems, it's not the end of the road; you just need
to fix them before you try to purchase another home.
Even if you've gone
through bankruptcy, all you need is time to handle your debts and repair your
credit history. It may take a year or two, but it's well worth it. Perhaps your
credit picture is not as black as the bankruptcy scenario but not picture perfect,
How much can you qualify for? With stable employment and income,
you should be able to qualify for a mortgage loan worth almost twice your annual
income. By taking time to improve your credit rating, you could raise that figure
But let's get specific
Let's start by looking
at the pros and cons of homeownership and how it stacks up against renting as
a review. Then we will also take a look at your current financial situation and
how much you can afford right now.
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