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Securing a Mortgage

Blog by Century 21 Amos Realty | September 23rd, 2013

Securing a mortgage for a home can be a bit of a daunting task, especially if you are not sure what it is the financial institutions are looking for.  Rest assured it can be broken down into simpler terms; this is what we call the 5 C's.

1. Credit- Basically this shows how well you have paid back loans in the past. How often have you defaulted, if any.
2. Capacity- How able are you to repay this loan
3. Capital- How much your down payment will be
4. Character-The type of person you are.  Employment history, lenght of employment etc
5. Collateral- Can someone else be a guarantor on the loan or do you own another home that could be sold if you default to pay off the loan.

I hope this help, if you have any questions please let us know, anythign we cannot answer we can have a very knowledgeable mortgage specialist answer.

Sara Amos