Solo Mortgage – Tips to Succeed and Avoid Blunders
Applying for a mortgage can be challenging, especially if you don’t have a partner or spouse to consult. A key difficulty is the single source of income, unlike situations where it’s a joint mortgage and income from two sources is involved.
But challenges are a part of life, and if you know how to get over them, you’re already halfway there. For solo mortgages, too, if you’ve always had a habit of saving with proper techniques, you can surely make the grade.
With accurate knowledge and resources, a solo mortgage can actually be less difficult to handle than a joint one. To know how stick with us till the end.
Tips to avoid mistakes when applying for a solo mortgage
Maintain your credit score
Retaining a good credit score is extremely important if you’re looking for a solo mortgage. The chances of getting an approval increases when you have no outstanding debts and a credit score above 600 (this figure may change depending on your lender).
The higher your credit score, the better rates you’ll get. Hence, make sure you utilize every chance you get to boost your credit score. In addition to getting a quick solo mortgage, this may also help you in getting a low-interest loan.
Seek professional advice
It’s always advisable to speak to someone who has more knowledge and experience in the field before applying for a solo mortgage. There are a lot of schemes you might not be aware of, and rushing might lead to missing out on opportunities that can be helpful and profitable. It’s worth spending some time to research and know about the rates of interest to the best schemes and seek expert opinion.
Know your affordability
It’s important to know how easy or tough it would be for you to pay off the mortgage once you get it. If anything unfortunate happens and you lose your regular source of income, there must still be a way to pay back. This becomes an important aspect to keep in mind since there’s only one person who has to pay the sum back. Hence, you must consider your limits and stick to them before applying.
Inculcate saving habits
Savings are always helpful, no matter how much you earn. If you are planning to buy a new home and take a mortgage for it, make sure you start saving more than usual. The more accumulated funds you have, the more lenders will you attract.
To give a few final words
Whether you do it alone or with a partner, it’s advisable to apply for a mortgage only after understanding it completely. Although it may seem like it’s more difficult to apply for a solo mortgage as compared to a joint one, if you play your cards right, everything may feel easy.
More in Advisor
Before You Invest Your Tax Returns or Stimulus Checks, Give This a Read
Tax returns are always great to receive. They’re like a gift you indirectly give yourself. The 2020 tax year, which was...March 20, 2021
What Type of Property Should You Invest In? Here’s How to Sort That Puzzle
If you’re looking to buy a home, the first and foremost decision to make is whether to invest in an already...March 16, 2021
Tips to Deal With WFH Stress – Straight From Karren Brady!
Since the emergence of the Coronavirus, there’s been a profound transformation in the way people work. From a proper office setting,...March 15, 2021
Financial Tips for the ‘Sandwich’ Generation of Mothers
Parenting is not easy, especially for a mother trying to be available for a thousand things at once. The most suitable...March 11, 2021
Excel at Financial Planning with These Certified Tips
Making money and managing it are two completely different things, and not everyone excels at the latter. Financial planning is an...March 11, 2021
EU, China signs Comprehensive Agreement on Investment
After 7 long years of negotiation, on the 30th of December 2020, the EU and China reached an agreement on investment...March 9, 2021
Tesla Stock Joins the S&P500 – Glad Tidings for Investors
For the average Joe, buying a Tesla might be a huge no-no, but, in many ways, buying a piece of the...March 5, 2021
Did You Know You Have to Switch Your Financial Strategies as You Age?
If you’ve thought that financial planning is a single instance affair, allow us to burst that misconceived bubble for you. The...March 4, 2021
Essential Investing Tips for Beginners
We’ve said it a thousand times before, and we’ll say it again- investing is the best way to increase your earnings...March 3, 2021