5 C's To Securing A Mortgage

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.


 

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Sara Amos

Sara Amos

REALTORĀ®
CENTURY 21 Amos Realty
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