ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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paying in cash
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getting the house as a gift
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borrowing most of the money
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money from winning the lottery
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Detailed explanation-1: -Conventional mortgages are the most common type of mortgage. That said, conventional loans do have stricter regulations on your credit score and your debt-to-income (DTI) ratio. You can buy a home with as little as 3% down on a conventional mortgage.
Detailed explanation-2: -A mortgage is an agreement between you and a lender that gives the lender the right to take your property if you fail to repay the money you’ve borrowed plus interest. Mortgage loans are used to buy a home or to borrow money against the value of a home you already own.
Detailed explanation-3: -Conventional mortgages are the most common home financing tool. Conventional mortgage lenders, like banks and credit unions, typically require you have a credit score of at least 620 and a debt-to-income ratio lower than 50%.
Detailed explanation-4: -Step 1: Strengthen your credit. Step 2: Know what you can afford. Step 3: Build your savings. Step 4: Choose the right mortgage. Step 5: Find a mortgage lender. Step 6: Get preapproved for a loan. Step 7: Begin house-hunting. Step 8: Submit your loan application. More items •15-Nov-2022