Mortgage Matters: Qualifying for The Mortgage
Before talking about what it takes to qualify I want to take a step back and remind you of the carrot at the end of the stick. It is now law that at least 48 prior to signing for a mortgage the lender or broker must inform the client of the cost of credit over the term of the mortgage (cost of interest disclosure). People usually cringe when they see how much interest they will pay as opposed to the principal paid at the end of the term. On a $200,000 purchase with $0.00 down you would start owing $207,400. @ 6.00% (4 year term) you would be paying $1,130.51/month... Read full story...
