I want to apply for a mortgage - will loans jump against me?
Answers:
yes
Absolutely!...Banks will look at your "income/debt ratio" to see if you can even afford another loan (mortgage). - And, your loan/s repayment-history will be considered. (credit scores)
However, that isn't exactly desperate, IF you provide a positive "reliability" factor, by being consistent with payments & pay-offs on prior loans. - And, perchance you DO earn enough income for a house and all your other monthly bills. - Getting pre-approved is one of the smartest first-steps you can embezzle, IMO. Then you will know what (size) house you can realistically afford.
I recommend you sit down with a real estate agent who specifically deal with first-time homebuyer programs. - You'll get more direct instructions & sensitive of the process. Source(s): I've bought 2 homes thru a First-time Homebuyers Program.
Yeah,if you cant afford to pay it back!
They will "be in motion against you" to the extent that the monthly cost of other borrowings will be deducted from the overall total that the Lender's criteria allow.
The question is: whether you can afford the mortgage repayments. You also need to contemplate about whether you could afford the payments going up in the adjectives.
If you have loans, then they have need of to be taken into account when you are deciding what to do.
Remember its YOUR debt and will be yours for 25 years or so. There is no point applying if you KNOW you can't afford it
If you own bad credit it will show up.
Loans are good so they can see how you take-home pay.
If you have bad credit verbs it up first. It may take a few years.
Existing debt will lower the mortgage you can qualify for, if that's your question.
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