Although purchasing a home can seem like an overwhelming task, there are practical actions you can take to enhance your chances of securing mortgage financing. When applying for a home mortgage loan, a lender will verify all information it receives from you as the borrower. Your target is to show the lender you will have the ability to repay the amount of the loan that you borrow. Evaluate your current and expected future income and expenses. Contain homeowner insurance, property taxes, utilities and home repairs and maintenance together with the total cost of the monthly loan payment in your own calculations. Decide if you’re able to afford to buy a home, and then determine how much of a mortgage payment you can handle. Understand what your credit score is. Consumers may access their FICO scores online for a simple fee (see Resources). You’ll require a minimum FICO score of 730…
How to Secure a Mortgage
