Home Ownership - Not Just Your Credit Rating

Besides your credit score and credit record, lending companies look at the following prior to deciding on whether to give you a mortgage:

• Stability of your income
• Employment history
• Monthly debt payments (credit card bills, car loans, etc.) in relation to your income
• How you save money and how much you have saved
• The type of mortgage you are considering
• The type and value of the property you want to buy
• The amount of the down payment you plan to make
• On-time payment of rent and utilities

The key is to have a good balance between your capacity, credit and collateral, the three C's.