Lenders have loosened their mortgage guidelines, So why not loosen your purse strings?
Shelter is a basic human need. Why would you Borrow that need from somebody else?
Your landlord has the right to increase your rent at the end of your lease and guess what, if you cannot afford the hike then you are left scrambling to find a way to meet that basic need. Is this something that you want to face each year? Is this something that you want to put yourself and your family through?
If you answered “YES”, then congratulations on buying your landlord their home!!
If you answered “NO” then WAKE UP and change that now.
Rates have NOT YET taken a major spike. They actually dropped 1/8 of a point JUST YESTERDAY!! The bank will never increase your monthly payment. Your monthly payment will remain the same with a fixed mortgage until you pay it off- at which point you will basically have FREE shelter. Of course you will be responsible for your annual taxes and insurance which is far less than rent anyways.
Think about this.
A basic list of what you need in order to Qualify
- 2 year history of income (within the same line of work)
- 620 credit score is preferred but a 580 will be acceptable
THAT’S IT!! DON’T WAIT ANOTHER MINUTE!!!!
Disclaimer- Everybody’s personal situation varies. I urge you to speak to your mortgage professional regarding yours personally. If you don’t know where to start then give us a call and we will set you on the right path.
Sara & Ashley