Mortgage Talk #2

I’m Miriam Neff, and I’m Valerie Neff Hogan, with Wise Women Managing Money

M With mortgage rates on the rise, it’s wise to count the cost of buying a home.  In most areas, one must be prequalified with mortgage approval before realtors want to take you so see homes. 

V Prequalification requirements include revealing your credit score and income.  Income indicates whether you can meet that monthly payment.  Credit score reveals whether you are a good or poor risk. It’s wise, if you are contemplating buying, work on getting your credit score above a certain level.  Make sure each item is accurate in bills you’ve paid in the past.

M  Do these details take time?  For sure.  But to be a successful homeowner, you need to be able to afford that home, not just hope that your income will rise, and you will survive.