Just Starting Out: How to Get a Mortgage on a Low Income
Posted by PreReal™ Prendamano Real Estate on
The average minimum wage in the United States is only $7.25 an hour, which is only $1,160 a month before taxes. The average mortgage payment is $1,030. Therefore, it's easy to see why it might be difficult for some people to get approved for a mortgage.
However, this problem also applies to those who's income is limited because they're starting a new business. But don't worry, you can learn how to get a mortgage on a low income. Keep reading for some of the most effective tips and tricks.
1. Boost Your Credit Score
Your credit report is a huge factor when it comes to getting approved for any loan, mortgages included. Lenders look at your credit report to see your financial history to decide if they trust you with their money (more or less).
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