Who Can Qualify For A Mortgage | #PowerTips S2: Ep #2
Hi It’s Cherine Anderson from mypowerliving.com.
Now that we know what a Mortgage is… another question to ask is “Who can qualify for a mortgage”?
Unfortunately, not everyone can qualify for a mortgage. But the truth is most of the people you know who own a home had to borrow a loan to make this purchase.
Don’t believe me? Pause this video right now and call at least 5 persons you know who bought a house…ask them which mortgage company they used?
Now everything really comes down to the lender you choose when buying a home. And the lender who worked for your friend may or may not work for you. Remember family members and friend aren’t always transparent. Most times they won’t tell you what their true income is, or if they received support for their down payment and closing costs. Different lenders require different things but the basic idea is that they will need to ensure that you are in a position to pay it back…
So in order to qualify for a mortgage a lender will check these 4 main things
● Do you have a steady, predictable income ?
● Do you have your downpayment and closing cost saved?
● How is your credit history? Have you been paying your bills, student loan and car loans on time
● How much debt do you have at the end of every paycheck?
Lenders don’t expect you to be debt free but if your debt is too high certain lenders won’t lend you.
Do you need a full list things you need to qualify for a mortgage?
We’ve got you covered – Call or whatsapp us at (876) 513-9222
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