Owning a home is the
American dream, yet often people discover that it is becoming
unaffordable. A principal mortgage is the
first mortgage taken out on the property. Borrowers can increase the amount they need to
borrow by reducing any
long-term debts. Another way is to find a co-signer for the
principal mortgage. A co-signer's income is included and they
become legally obligated to fulfill the mortgage terms along
with the borrower. Using other financing options that require a
lower down payment can also help.
How expensive a
principal residential mortgage you can get depends on how much
you can safely afford to borrow. How much you can borrow again
depends on four other factors: assets, income, debts, and the
mortgage interest rate advertised by your region mortgage firm.
Understand the lending limits when you look for a principal
residential mortgage from any of the region mortgage firms.