The ability to afford a new home is
changing based on two major factors.
Your income and mortgage interest rates
are what determines just how much house
you can afford, along with your credit score.
Knowing where you stand at any given
point in time with those two factors can
give you a leg up on when the time is
right for you and your family to make your
move into a new home.
Another important factor is your
score. Your credit score determines just
what interest rate the bank or mortgage
company is willing to lend you the money
to purchase your home.
So, it is just as important to keep or get
your credit debts in order. The higher your
credit score the lower your interest rate
will be and that makes all the difference in
your monthly house payment.
Mortgage loan companies and banks are
ready and willing to work with you provided
you have a good credit score and your
income can be verified.
Something that you need to be aware of
are the bank or mortgage company fees
to process and set up your loan.
It pays to shop around and ask for the
costs or fees associated with each lender.
a Buyer and Sellers Market
If you are a member of a credit
it would be wise to pursue a mortgage loan
through them. Often times they can offer you
a better mortgage interest rate than your
local bank or mortgage company.
Even if you aren't a member, the usual fee
to join is less than $50. A membership well
worth joining for the benefits.
current mortgage is
considering, if you are planning on staying
in your current home for at least 5
The reason for that time line is to offset the
cost of refinancing your loan. Recovering
your refinancing is important to make it