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How Refinancing Can Cost You
Before you refinance, find out how it can cost you tens of thousands of dollars.
The Mortgage Approval Process
Do you know what the mortgage approval process looks like? Well, here’s a snapshot:
The mortgage approval process is determined by three main factors:
- Credit score.
- Income/savings.
- How much money you put down on a house (or the loan-to-value).
The higher each factor is, the easier it is to get a loan. Why? Because there’s little to no risk for a mortgage company. You’ve proven you’re financially stable.
What if one of these three factors aren’t good? Well, you need to find a way to balance things out.
To learn more credit strategies and debt management, contact us!
