If you dream of owning your own home someday, it’s never too early to
start planning. When you will be able to purchase the home, where it will be
located, and what it will look like will depend largely on your qualifications
for a mortgage. The down payment you accumulate and your debt to income ratio
will affect the amount of money you can borrow.
By reviewing your cash flow, savings plan and
credit history and score, you will be prepared to make any necessary
adjustments to qualify for the mortgage you need. An understanding of the
mortgage loan process will also enable you to have all of your necessary
information ready when the time comes.
If you have missed mortgage payments or think you
will miss future payments, you may find yourself in danger of foreclosure. It
is important to understand, however, that lenders do not want to
"repossess" your home -- they are much more interested in seeing that
payments are made each month as agreed in the mortgage terms. As a general rule,
lenders only begin the foreclosure process when all else fails.
Therefore, the best way to avoid foreclosure is to
address the issue as soon as it occurs and to keep the lender informed at all
times. BALANCE can help you understand your options when you are having financial
Call BALANCE at 888.456.2227 to speak with a
counselor. Or review their publication Early Delinquency Intervention: Saving Your Home from Foreclosure.