Do you think that owning your first home is a distant or nearly impossible goal? Of course it is not! It’s all a matter of organization and establishing how you can get it according to your finances and needs. Start by setting aside money from your income exclusively for this purpose.
What should you do?
Save
Your finances will be reviewed periodically during the process.
Do your best at work
An increase in income can favorably influence your loan approval.
Set money aside
Set aside money for your deposit and closing costs. Do not touch it!
Pay your bills
Make sure you pay all your bills on time and in full.
What should NOT you do?
Buy a new car
Going into large debt before your loan is approved and closed can affect your credit score and history.
Spend money from the deposit
If the deposit money is not available when your finances are reviewed, you could lose the loan.
Quit your job
Very few people without income are accepted to receive a mortgage loan.
Overuse your credit card
Your credit score will be reviewed again prior to closing.
It is a big investment and requires multiple steps that will help you make a decision that is beneficial to you. Do not hesitate to seek professional help to guide you through this important process and find the home you are looking for. If you’re ready to take the next step, visit orientalbank.com.
