Bradenton Real Estate

November 1, 2010

Homeownership – More Than Just Credit Rating

It’s still a ‘buyer’s market’ out there and an excellent time to buy a home.  Mortgage rates are great, but there are things to consider before contacting a lender.  An honest look at your ‘financial snapshot’ and assessment of your goals is a great way to organize yourself before starting the mortgage process.

Besides your credit score and credit record, lending companies look at the following prior to deciding on whether to give you a mortgage:MORTGAGE INFORMATION FOR HOME BUYERS, LENDING CRITERIA FOR MORTGAGES

  • Stability of your income
  • Employment history
  • Monthly debt payments (credit card bills, car loans, etc.) in relation to your income
  • How you save money and how much you have saved
  • The type of mortgage you are considering
  • The type and value of the property you want to buy
  • The amount of the down payment you plan to make
  • On-time payment of rent and utilities

The key is to have a good balance between your capacity, credit and collateral, the three C’s.

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