We are all getting older and its time to for us to start settling down and planting roots. That means that it's time to start looking at a mortgage. When it comes to getting a mortgage, you need to make sure you are financially stable, even if you are planning on taking out a loan to help pay it off. To get a better understanding of how much you may pay back monthly, using this loan calculator could be a massive help. It is never too early to plan for your future, or at least look into it a little.
Even if you aren’t interested in living in the house to raise a family, real estate is still the number one investment opportunity. Check out these tips for millennials to be ready to get a mortgage provided by Experian.
Start by pulling your credit reports and credit scores to understand where you stand. Review your reports to refresh your memory on what credit cards and debts you have outstanding.
Get your free credit report from Experian, where you can also get your FICO® Score. You are also entitled to one free credit report every 12 months from Experian, Equifax, and TransUnion at AnnualCreditReport.com.
Then, make a list of all your loans, who services them, and how much you pay each month. The same goes for any car loans. Similarly, make a list of all your assets, including bank accounts, 401(k)s and IRAs, and any other savings you might have. Banks will want to know all this information.