Let’s face it mortgages are daunting; with interest rates, terms, and credit scores. Many things can make finding a mortgage a challenge but what are the most important things you need to know before taking out a mortgage? Well, you’re in luck, these are three main takeaways that you should know before taking out a mortgage.
SAVE SAVE SAVE
When preparing yourself to take out a mortgage, being financially secure is extremely important. You will want to have enough to make sure you have enough for a good down payment. This isn’t the only reason you want to be saving though. You will also want to have enough in your account for any unexpected expenses that may pop up due to things such as closing costs, and inspections. Liquidity (cash) is just as important as saving for a down payment. Banks and other financial lending institutions look at the balance of your accounts prior to approval to validate your ability to afford your desired home.
Along with saving, you will want to keep your account in order. Avoid overdrafts, late …