Securing a mortgage for a home can be a bit of a daunting task, especially if you are not sure what it is the financial institutions are looking for. Rest assured it can be broken down into simpler terms; this is what we call the 5 C's.
1. Credit- Basically this shows how well you have paid back loans in the past. How often have you defaulted, if any.
2. Capacity- How able are you to repay this loan.
3. Capital- How much your down payment will be.
4. Character-The type of person you are. Employment history, length of employment etc
5. Collateral- Can someone else be a guarantor on the loan or do you own another home that could be sold if you default to pay off the loan.
For additional information or to obtain a preapproved mortgage please contact a mortgage specialist for greater detail.