Frugal Friday - Kiplinger Rocks

What it takes to get a Mortgage Now. From August, so things may have changed just a little bit!!!

Besides Walking on water, you need to be ok on the 3 Cs

1. Credit History
2. Capacity - depth and continuity of your resources
3. Collateral - Value of your property, down payment or equity.

• The higher the credit score the lower your interest will be
• Down Payment should be at least 5%
• If refinancing - Should leave at least 10% equity after the loan
• I don't even begin to understand jumbos - won't be an issue for me where I live. Most Dr.s don't even have to worry about that!
  

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