"Hi. My name is John Marion. I'm a real estate
investor and a licensed agent in Georgia.
I may be able to help you
monthly rent payments through
take advantage of low housing prices and low mortgage
interest rates in the Atlanta area right now."
There are several
factors which affect your decision to rent or own.
Your credit rating does not need
to be among the highest ratings. But you do need a decent credit
score in order to qualify for a loan to purchase a house. If you
rent to buy or lease purchase a home, your credit rating is less of
an issue right now. You can rent for a period of time, then when
your credit rating improves you can buy the house you are renting.
In order to qualify for a
mortgage, a lender will require proof that you have steady income
over a period of time. Additionally, your income will determine the
maximum loan amount you can get.
Debt to Income Ratio
Mortgage lenders will calculate
how much you pay monthly to service your current debts compared to
your monthly income. If the lender determines you have too much
debt, you may have to pay off some of your bills before you can
qualify for a loan to buy a house.
Your mortgage lender will provide
you with a pre-qualification letter for you to use when you put in
an offer to buy a house. Give that letter to your real estate agent
who will submit it with your purchase agreement offer to the seller.
The pre-qual letter will assure the seller that you are a qualified
Talk to a Mortgage
When you decide to pursue buying
a house, you will need to talk to a mortgage lender. The lender will
ask you questions about your monthly income and debts. The lender
may run a credit check before issuing you a pre-qualification
Compare Mortgage Rates to Monthly Rent