In the context of today’s tight credit market and slow economy, buying or refinancing a home has become very difficult. Even families with excellent credit, stable employment and equity in their homes are having trouble getting approved for financing. It’s no longer possible to get a home loan with a click of your mouse or a single call to your local bank.
Today, families must spend considerable time planning and preparing for homeownership.
There are five major factors that lending institutions consider when you apply to purchase or refinance a home:
- Your Credit Score
- Your Debt-to-Income Ratio
- Your Equity or Down Payment
- Your Savings/ Liquid Reserves
- Your Employment Type and History
- Value of the Property
Mpowered works with families who are preparing to purchase or refinance a home through our financial coaching program. Our coaching sessions focus on the financial preparation required to become a homeowner including guidance on how to improve your credit rating and your debt-to-income ratio.
Call us at (303) 233-2773 or complete an online contact form to learn more!