qualifying Questions
1
Are you planning on financing this purchase? It's important to decide whether you need a mortgage. Some people pay cash for their home, but most people don't. What is your comfort level for a monthly payment? There are a number of different online resources to browse homes that don't account for your personal expenses or credit scores. By determining a comfort level, you are able to determine a sweet spot within your price range. How long have you been at your job? Most mortgage options require at least two years of employment in the same industry. What do you use to monitor your credit score? To qualify for a mortgage, your FICO score is used, which is a specific algorithm, used by financial institutions for financing. For qualification, most mortgage companies like to see FICO scores above 620. Where are you getting your down payment? Often, there are loans with as little as 0% down. However, those loans require more criteria, so it's good to know where your money is coming from for a down payment. If you're planning on getting a gift from a family member, do not move any money before speaking to a preferred lender. Are you aware of how taxes can affect your payment? Property taxes can range for a number of reasons, based on location, the property's age, etc. Some houses have higher property taxes than other similar homes. Talk to your agent about taxes since it directly affects your mortgage qualification.
2
3 4
5
6
Made with FlippingBook - Online Brochure Maker