Frugal Living

Money Talk: How To Get A Mortgage

We all have dreams. Most of which will involve money. And it’s always okay to work for the things that you want in life. Whether that’s a vacation or a new car, you often have to know what you need to do to make it happen. When it comes to buying a house, this is definitely the case. It’s not something that can often happen overnight. Instead, you have to really work at things and put a plan together – even if you’re refinancing.

First of all, you’re going to want to make sure that you work on your credit score. We often forget about this magic number, but it does really influence your chances of getting a mortgage. And not only that – but getting the best mortgage rate too. So if you’re thinking of applying for a mortgage any time soon, take a look at your credit report and see what you need to do to make any improvements.

Next, you also need a downpayment. The amount of this will vary between different lenders. Some will want 3% while others will ask for 20%. Just make sure that you do some research and work out how much you need to save, then get a plan together to help you build up the cash you need to do this.

To give you a better idea of the entire process, you’re going to want to check out the below infographic.

Money Talk: How To Get A Mortgage
Infographic Design By Guide to FHA Home Loans

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