1. Can I afford monthly mortgage payments?
Evaluate your current financial circumstance by creating a budget of your income, debt and available cash flow. You may use a mortgage payment calculator as a mock example to get an idea of the anticipated payments. Depending on your credit, your interest rate will vary and this can be the difference of hundreds each month. Beyond the mortgage payment, you will likely pay mortgage insurance each month to compensate for not having a 20% down payment. Will you have sufficient funds to pay your bills and live comfortably.
2. Is my credit score satisfactory?
In order to acquire a home loan, a borrower must gain the trust of a lender. The underwriting process of the application period will inquire…