Episode 9 - Buying a Home - What is a mortgage? And how do you get one?

Make Your Move Easier - Advice for People Selling or Buying a Home

English - February 15, 2021 05:00 - 6 minutes - 4.41 MB - ★★★★★ - 12 ratings
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Previous Episode: Episode 8 - Buying a Home - What are the out of pocket costs for buying a house? How much money should you save to buy a house?

Next Episode: Episode 10 - Selling Your Home - House Sale Preparation: The Emotional Side of Selling Your House Even Before It Goes on the Market

Most of us don't have the cash to buy a house.

The good news is there are a lot of banks and other lenders that would love to give you money to buy a house. The money they give you is called a mortgage.

Before a lender will give you a mortgage, they will evaluate 3 things first.

(1) Are you the kind of person who pays their bills
(2) Do you make enough money to pay a mortgage plus the other debt you owe
(3) If you can’t or don’t pay your mortgage payments, can we sell the house to get our money back

Find out more about what's involved with getting a mortgage in this episode.