The Best Way to home loan account
Getting a home loan (also called a mortgage) isn't as scary as it sounds! Here are the simple steps you'll need to follow:
- Save money for a down payment
- Most people need to save 20% of the house price
- Example: $200,000 house = $40,000 down payment
- Get your credit score ready
- Pay bills on time
- Keep credit card balances low
- Don't open too many new accounts
- Find a good bank or lender
- Compare different banks
- Ask your parents for recommendations
- Look at online lenders too
- Get pre-approved
- This tells you how much you can borrow
- Makes house shopping easier
Helpful Resources:
Remember: You'll need to be at least 18 years old to get a mortgage, but it's great that you're learning about this now!