The 3 Major Mortgage Rejection Topics That First-Time Home Buyers Should Plan For Within One Year

The three major mortgage rejections topics that first-time home buyers should plan for at least one year before buying are more important than ever to understand. Most people are surprised to hear that they don’t qualify for the mortgage size they need for three major reasons: 1. They don’t understand the minimum down payment requirements for their situation: 2. They fail to budget for what their target income and debt payoffs should be 3. They think their credit score is good enough but fail to understand if they have a bad credit story Many of the above topics can take 12-24+ months to course-correct from and could leave you out of the market for much longer than you expected. Take the time to know the rules of the game and plan accordingly - cramming for one of life's biggest exams in never a good idea. Timestamp: 2:40 Examples of why you might need to put down more than 5% down payment 3:50 Budgeting for Closing Costs which you need on top of your mortgage 5:00 Ways to successfully borrow down payment from relatives 6:00 How to calculate the effect of your salary on your mortgage eligibility 7:00 Creative ways to add more income to your application and afford more 9:30 How having a good credit score doesn’t guarantee you’ll have a good credit story 10:45 The 2/2/2 rule you need to follow if your credit score is below 680 or you had a bankruptcy 12:15 Why entrepreneurs should not put all their personal expenses on their business credit card Paul Davidescu (www.levelupmortgages.com) Level Up Mortgages 604-809-3188 paul@levelupmortgages.com Subscribe to Level Up Mortgages YouTube Account: http://bit.ly/LevelUpYouTubeSubscribe Email Paul to Level Up your mortgage planning: paul(at)levelupmortgages.com Talk to us or if you want some quick replies, connect with our Facebook Messenger Bot: http://bit.ly/MyMortgageBot Got Mortgage Questions? Trying not to freak out about something that’s stressing you out? We got you 🙋🏽‍♂️🙋‍♀️ + Get immediate answers without needing to talk to a human 🤖 http://bit.ly/MyMortgageBot + Email me and check out our website: paul(at)levelupmortgages.com | www.levelupmortgages.com 👨🏽‍💻 + DM me on Instagram if you want to get more personal 📱 https://www.instagram.com/levelupyourmortgages/ + Get LinkedIn if you want to check our credentials 😎 https://www.linkedin.com/in/pauldavidescu/ + TikTok with us if you want to “edutainment” 🎥 https://www.tiktok.com/@levelupmortgages?lang=en + Check updates on our blog to do a deep dive 🔎https://www.levelupmortgages.com/blog