Posted on: 27th Jan, 2014 01:24 am
I am 18 years old and have managed to get a full time job. What should I consider when looking for a loan?
You will have to consider your income when you decide to take out a mortgage. Depending upon your income, you will be able to decide whether or not you can afford a mortgage.
To get a mortgage you wil need two years of stable employment in the same field of work. Have you established any credit? Banks cannot discrminate because of age but can deny for lack of employment history and lack of or poor credit - if you havent established any credit you need to start asap - until you have a history of paying on time and being responsible with credit you will have a tough time getting a loan.
Good Luck
Brian Barnes
ENG Lending
Natinwide Lender
Good Luck
Brian Barnes
ENG Lending
Natinwide Lender
You need stellar credit rating for getting a home mortgage loan. Did you still establish any credit? Try and improve your credit score before approaching a lender.
You need to check your income and see how much loan you can afford to take out. Also, see if you have saved the down payment amount for obtaining the loan. You must have good credit score in order to get approval for a loan.