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Budgeting for Your Mortgage Commitment

A mortgage commitment should be treated seriously and responsibly. A mortgage is a primary debt obligation. Budgeting is essential in order to meet that mortgage commitment and obligation in a timely manner.

This can be achieved by: -

  • Assignment of salary or assignment of income;

  • Self-employed persons could deposit their income into the bank on a regular basis;

  • Assignment of proceeds of investments to repay mortgage loan;

  • Generally one’s mortgage obligation should not exceed thirty-five (35) per cent of the borrower’s total income. Some institutions vary this rule and may go as high as 40 percent of someone’s income. The standard is thirty-five (35) per cent of total income.

Prioritizing

It is essential prioritize based repayment is a priority.

that prospective homeowners on needs, and not on wants. primary obligation and must be

learn to Mortgage given top

Consequences of Poor Management

A major consequence of poor management is that you can lose your home.

The main issues that financial institutions consider in the event of default on a mortgage loan are as follows: -

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