So you’ve found a mortgage calculator and it has given you the confidence that you can afford a home – awesome! You’ve spoken to your spouse, called your parents and friends to share the good news! However, before you rush off to the bank and submit a mortgage application, there are a few important factors to consider that the mortgage calculator did not tell you.
The Morgan family struggled for months to keep up with monthly bills and reduce the balance on their high interest credit accounts. Sometimes, they failed to pay one or two debts due unexpected bills. This situation caused them constant anxiety, so they applied for a single credit line at a lower interest rate. Unfortunately, they were declined due to a low credit score.