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Mortgages with Sosi

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If you want to buy a house, you need to know The 4 C’s of Mortgage: which are the key factors lenders use to determine whether you qualify for a home loan. Think of them like a report card for your financial health!

Here’s how they break down:

1. Credit (Your Financial Reputation)
Lenders check your credit score and history to see how responsible you are with debt. A higher score means better interest rates and loan options.
💡 Pro tip: Keep your credit utilization low and avoid late payments!

2. Capacity (Your Ability to Pay)
This is all about your income vs. your debt—lenders want to know if you can comfortably afford the mortgage payment. They’ll calculate your Debt-to-Income (DTI) ratio, which compares your monthly debts to your income.
💡 Pro tip: Keep your DTI below 43% for better loan approval chances.

3. Capital (Your Savings & Assets)
Lenders want to see that you have money in the bank for a down payment, closing costs, and emergencies. The more you have, the less risky you appear.
💡 Pro tip: Even if you qualify for a low down payment loan, having extra savings can help you secure better terms.

4. Collateral (The Home Itself)
The lender uses the property as security for the loan, meaning if you don’t pay, they can take the home. They’ll order an appraisal to ensure the house is worth what they’re lending.
💡 Pro tip: A higher down payment means less risk for the lender, which can lead to lower rates!

Rates are going down, so share this with someone who’s ready to finally buy!

#homeownership #mortgagetips #mortgagebroker #housingmarket #realestatetips #firsttimehomebuyer #millenialbuyer #interestrates

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