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Posted by: SantaBud on 2008-02-03, 12:11:43
The chances depend in large part on your income (s), & how confident the lender is in how secure you are in your ability to continue earning that level of income, as well as how much other debt you are presently carrying & how much of your income is necessary to maintain those payments. Another key factor involves the house you are trying to finance. Questions such as how desireable is the property, could it be resold relatively quickly if you were to default, & is the property going to require an exceptional amount of maintenance which might also strain your ability to pay the mortgage.....especially if the interest rate were to jump in later years. And of course, as you state; the rate you receive will not be the most attractive , & you can expect a larger than usual down payment to give the lender some breathing room if foreclosure occurred. Still, it generally beats renting!! Get a second opinion from another mortgage broker just to protect yourself. Good Luck!! |
