What you need to obtain a Mortgage
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A home purchase is one of the largest assets and the biggest debt that a person will have. If this is your first time obtaining mortgage, then there are a few things that you need to know about what is required to qualify.
1) Credit History: How is your current credit and how has it been in the past? Your financial institution will look at your rating, and that everything is in good standing. If you are able to manage your debt, then it reflects on your ability to manage house payments.
2) Debt Load: What are your liabilities? How much debt do you have? Your financial institution will look at the amount that you owe compared to the amount that you earn. Your debts should not exceed 40 to 42 % of your gross income, and your housing…
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