Mortgages and Lending for Dummies?
Hi there, I'm currently moving jobs within a Building Society, from the investment and banking side of the business to the mortages and lending side. I'm in my early 20's and so haven't even considered getting a mortgage or even my own place yet, so my knowledge on the subject is pretty limited (glad I didn't need to have an interview then :P )
Can anybody give me a brief run down of terms and subjects I will expect to encounter, so I know what to look for when doing some more research before I move on Monday. If it helps, I'm in the UK and my role will be more focused on valuations of property.
Thanks for any help!
I;m in the US - working almost 10 years in the mortgage business. When qualifing for a home loan - three things are considered right away.
Your credit rate - this is something your can work on, the higher your score, the better, loan you can qualify for.
Your Income - you need to have a stable work history (past 2yrs), and high must you make determines how much of a loan you can qualify for.
Your equity - must loans today required a down payment, the more you put do, the better the loan.
If your in your early 20's - slow down and put money in the bank. Work on your credit score, - learning about revolving and installment debt.
Good Luck
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