Purchasing a Home with a Mortgage – Part 4 of 4

A Real-world Scenario Let’s take all the information we presented in the previous section and connect it to a real-world scenario to see how someone gets prepared to take on a mortgage for a house. Meet Johnny Smith. He is 25 years old, single, and his S.M.A.R.T. goal is to: Buy a 3 Bedroom 1 Bath […]

Purchasing a Home with a Mortgage – Part 3 of 4

How a Mortgage is Calculated So, you’ve been pre-approved for a mortgage, and the next step is to calculate monthly payments for a new house. Your lender will use several factors to calculate your mortgage. In this section, we will describe each piece of information and how it applies to the mortgage calculation process. Down […]

Purchasing a Home with a Mortgage – Part 2 of 4

Prepare for Pre-Approval The lender will take an initial look at your personal financial situation to determine if you are pre-approved for a loan. The core items the lender will collect and evaluate are: income, debt, and credit score. Let’s take a look at each of these in more detail. Income is based on what you […]

Purchasing a Home with a Mortgage – Part 1 of 4

What Lenders Look For So, you’ve created a S.M.A.R.T. goal for the type of house you want to buy, now you need a plan for how you’re going to acquire that property. You want to balance the house features you’re looking for with the housing expenses that fit your budget. Think through the lens of […]