10/06/2022
Renting?
😢 Fir$t. La$t. $ecurity.
Whew❗
With today's Rental rates, the Money one has to come up with to move in is close to the Downpayment on a house 😬
The monthly rent alone is sometimes more than one would pay if they were to Finance a Home Purchase and pay a monthly Mortgage. Sometimes.
Qualifying for a Mortgage Loan seems simple enough. Let's check.
Good to Great Credit ✅
2 years minimum continuous employment in same field of work ✅
2 years Tax Returns (or 24mos Personal Bank Statements if Lender will accept)✅
2 years Rental History (name on Lease or proof of payments) ✅
Proof of Funds for Closing - in Bank for 3 months or more ✅
Checked and Double checked 💯
Now for just a little bit of Mathematics
🔢
Will you be able to Afford this home?
✅ Mortgage Payment
✅ Mortgage Insurance
✅ Yearly Tax (÷ by 12)
✅ Yearly Insurances (÷ by 12)
✅ Maintainance (Put an extra $10k aside)
✅ Monthly Installment Debt (fixed payment period)
✅ Monthly Revolving Debt (Credit cards, etc.)
✅ Living Expenses (Light, Water, Heat, etc.)
If you would like to check your Readiness,
Calendly.Com/bestmortgagecoach
