Factors To Consider When Applying For A Home Mortgage

Andy Horn Real Estate Blog

Owning a home can be a sign of independence and success. It allows you to build up equity and the mortgage interest and property taxes are tax-deductible. What can you do to make a home affordable for you. Reputable lenders look at a list of criteria to decide how much they’ll loan you. This List Includes: Credit score Existing assets including cash Car leases or loans Credit card balances Debt consolidation loans Home equity loans Installment loans Student loans Other monthly debts Size/source of your down payment If you’d like to get an idea of what you can afford before talking to a lender, here are a few tools you can use to decide whether a home is within your budget. Here Are Some Guidelines: As a rule of thumb, your house hunting budget shouldn’t be more than 2.5 times your pre-tax annual income. If you earn $50,000 a year…

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