What Does It Really Take to Qualify for a Mortgage?
A mortgage is a pretty big deal, but we’re not really in the business of stating the obvious. There arte a lot of different factors at work, which have led more than a few potential homeowners to step back and decide on two things: one, whether or not they really want to own a home and two, what does it really take to qualify for a mortgage.
Unless you’re blessed with having Daddy Warbucks for a father, you’re probably going to have to get a mortgage a home. This too is an obvious point. However, a lot of people don’t really consider the fact that you will also need to make sure that you have other things in line before you apply for a mortgage.
In a nutshell, what it takes to qualify for a mortgage is stability. You need to make sure that your income not only will be there for you in the short term, but that you will also be able to take care of things in the future. What if you want to raise a family? If you don’t calculate in the costs of taking care of young children on top of your mortgage, it won’t be long before you run into problems. When it comes to your career, you also need to make sure that you’re going to be able to keep the same amount of money over time. In the case of an adjustable rate mortgage, you want to make sure that your income is going to be growing right alongside your mortgage. The worst thing that can happen is if your mortgage adjusts upward (and it’s always an upward adjustment, keep that in mind), but your money doesn’t adjust with your mortgage. This can force you to make some tough decisions that no family should have to deal with.
Another thing that you have to consider is your own thoughts about owning a home. Do you see it as a powerful thing or a burden? You shouldn’t let people push you into owning a home if you’re really not ready.
Sometime’s it’s hard to cut through all of the media sensation over owning a home and look at what you actually want to do. Instead of worrying about it, you should just commit to making sure that you have both the money and time to devote to owning a home — that’s really what will allow you to enjoy owning a home, rather than feeling trapped by your mortgage.