Most homeowners forget to ask themselves this simple question and these are the ones who face foreclosure, not being able to manage their monthly payments on their mortgage. In order to avoid facing a foreclosure, it is imperative for a person to determine his affordability in order to stay safe. Have a look at the factors that lenders take into consideration before giving you a mortgage loan.

Your annual income: The first thing that is seen by most mortgage lenders is your annual income. This implies whether or not you will be able to make your mortgage payments on time. If you do not have a sufficient amount of income required by the lenders, they will not lend you an affordable mortgage loan. You may qualify for a loan with sky high interest rates as you’ll be considered as risky. Make sure you check your income and look for ways to boost your income level if you think you will not qualify for an affordable loan.

Your credit score: One more important thing that the lenders take into consideration is your credit score. Your credit score includes your payment histories and your financial history. A poor credit score may mean that you cannot handle your finances well and make late payments. This is a negative factor and therefore, if you have a poor credit score, your lender will not offer you an affordable mortgage loan. Thus, try to repair your credit if you do not have a good score.

Your down payment: How much you pay down while taking out a mortgage loan will also determine the rates that you obtain. The mortgage lenders usually demand a down payment of 20% of the entire loan amount that you’ve qualified for. If you pay less than 20%, then you require paying PMI or Private Mortgage Insurance that simply increases your monthly mortgage payments. Therefore, save money so that you can always make a 20% down payment, thereby, avoid the possibility of having to pay PMI.

Your debt-to-income ratio: How much unsecured and secured debt you’re owing presently, is also an important factor that is taken into consideration by the lenders. If there’s too much of debt that you owe in accordance with your monthly income, you will be considered as a risk borrower. It is seen that your financial obligations including your mortgage and auto loan payments should not surpass 36% of your monthly income.

Therefore, if you’re new in the field of taking out a mortgage loan for financing your house, make sure you ask yourself ‘How much house can I afford’ before seeking the loan. Consider improving on all the factors mentioned above so that you can qualify for the best and most competitive loan in the market.

Home builders understand that it is more than just the incentives that sell a new home. It also takes what most call curb appeal. Curb appeal in leman’s terms is who great a home looks standing from the outside of the home. Such as when you meet a woman, it is the attraction from the outside that gets you together and then it is the beauty inside that keeps you together.

First impressions are everything and when talking about a home there is nothing that makes a great first impression than that home with curb appeal. When you get the outside of your home looking great you will get those serious buyers who want to buy your home. I have put together a list of things that home builders do to sell their quick move-in homes.

One of the first things you are going to want to do is look at your mailbox. Small changes such as purchasing a mailbox can really make a big difference. Removing brush or trimming bushes that block the view of your house.

Southern California Quick Move-in Homes

You can also keep your yard looking nice by regularly mowing the lawn and trimming shrubs and trees. Painting the exterior of your home using good quality paint can be done professionally for about $1,000.

Cleaning your windows thoroughly is something that I recommend to everyone. Seems simple but there is nothing more appealing than having your front windows sparkle in the light.

Also take a look at the trim around the windows and see if there needs to be some touch up paint added. Please make sure that the outside of your home is well light. If a new family is looking at the house you are going to want to have the neighborhood with substantial light at night for the kids. It provides a sense of security.

See more:

http://homebuying.about.com/cs/sellerarticles/a/curb_appeal.htm

http://www.hgtv.com/curb-appeal/show/index.html

http://los-angeles-real-estate-blog.com/2009/01/20/top-10-curb-appeal-tips.aspx