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5 Factors Affecting One’s Ability To Get A Mortgage

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Whether, one seeks to take advantage of a mortgage, as a component of financing a new home, or, decides, it makes sense, to refinance his residence, for a variety of reasons, including, personal finances, getting a better rate, etc, it is important to begin the process, understanding, some of the factors, which, often, become major considerations, of the qualifying process. Since, for most of us, our house, represents our single – biggest, financial asset, doesn’t it make sense, to take the time, and make the effort, to understand, and take advantage of, the best way, to achieve this objective. With that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, 5 factors, which may impact, whether one will qualify, for these loans.

1. Overall debt: Lending institutions consider many factors, and, one of the key ones, is the ratio of overall debt, to earnings. If this percentage is too high, many will refuse to consider the candidate! These debts include, credit card debts, unsecured loans, other debts and obligations, etc. When one decides to proceed, examine this first, and try to pay – down, the overall debt!

2. Debt/ earnings ratio: There are only 2 ways to reduce this ratio/ percentage. One is to increase one’s earnings/ income, and the other, is reducing debts. For most of us, the second approach, is the one, easier to address, in a controlled, timely way!

3. Housing debt/ earnings ratio: There are two ratios, lending institutions, nearly always, consider and examine, thoroughly. These ratios are not considered recommendations, but, rather, are generally, firm/ strict limits! In addition to being a necessity of acquiring a mortgage, one should seriously, realize, if this is too high, how might anyone, be comfortable, with the monthly, carrying charges, of home ownership!

4. Credit Rating; debt repayment: How you have handled previous, and/ or, existing debts, is a significant consideration! If you have demonstrated, you are responsible, in this regard, it’s a positive action, as opposed to a less than, stellar performance, in the past! There are a few credit agencies, which lenders use, and the Credit Rating, one earns and reserves, is a significant factor!

5. Past, present, and future (foreseeable) earnings, and employment/ job security: Lenders examine your past and present earnings, and whether, you are gainfully employed, or self – employed, and the prospects of maintaining sufficient earnings, is favorable! The more confident, you make them, the better you chance of qualifying for a mortgage.

Securing a mortgage, and the most favorable one (with the best terms), depends on many factors, as mentioned above. The better one prepares, and addresses, these, up – front, the easier, and least stressful, the process!

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Bitcoin (BTC) Holders Gained Impressive ROI Despite High Volatility

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Bitcoin (BTC) Prices Hold Steady After a Severe Turmoil
  • Bitcoin has established itself as an alternative new-age financial instrument.
  • There is a steady increase in the price of Bitcoin from 2017 to 2021.

The recent crypto market bloodbath is slowly ending with major coins turning green. Bitcoin is the most popular and valuable cryptocurrency at the most significant market capitalization. Since its inception, Bitcoin has established itself as an alternative new-age financial instrument despite its volatile character. Bitcoin’s worldwide acceptability and unrestricted pricing have made it a popular investment option for those looking for an alternative to the stock market.

Investors who have been patient with Bitcoin have seen excellent returns on their initial investments. Although the token has fallen dramatically from its all-time high of $68,789 USD, it has given almost a 130% return last year. There is a steady increase in the price of Bitcoin from 2017 to 2021.

Read More: Bitcoin Price Prediction

Altcoins Gaining Popularity

A prominent crypto analyst Lark Davis recently shared a tweet mentioning Bitcoin ROI if a user had invested $100 every week last year, further citing dollar cost averaging and how it affects it. Have a look at the tweet.

Many notable currencies, including Ethereum, Litecoin, and Ripple, have increased stature and value, while Bitcoin has remained the most popular in the investment community. These coins are regarded as long-term safe bets, and investors have reaped handsome rewards as a result. In 2015, Ethereum was trading at between USD 200 and USD 250, but it marked an all-time high above USD 4,000 in 2021.

Bitcoin and Ethereum’s high price points make it hard for inexperienced investors to amass vast amounts of virtual currency. Doge, Shiba, and other altcoins are gaining popularity due to new investors’ ease of purchasing 1,000 – 10,000 of them at the present market value.

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Whale Alert Traces 3,500 BTC Transferred To Unknown Wallet

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Will Bitcoin (BTC) Break its Resistance level and Move High