A mortgage is a loan that you take out to finance the purchase of a home. It is a long term loan typically repaid over several years. The property you purchase serves as collateral for the loan, and if you fail to make the mortgage payments, the lender can foreclose on the property
To determine your eligibility for a mortgage, lenders primarily consider your credit score, debt-to-income ratio, employment history, down payment amount, and the value of the property you want to purchase.
The amount of mortgage you can qualify for depends primarily on your income, debts, down payment, and credit score. Lenders use ratios like the Gross Debt Service (GDS) ratio and Total Debt Service (TDS)
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