Financial character

Financial character

Financial character is the mental and moral group of qualities presented by an individual in regards to his/her behaviors when it comes to his/her financial agreements.

Your credit score may not be good enough to qualify for a mortgage!
Your high income may not be sufficient to qualify for a mortgage!

Have you suffer disappointments or being declined for a mortgage even when your credit score is higher than others?

Do yo have a high income, yet have being declined for a mortgage or are currently paying high interest rates?

Learning how financial character affects your ability to qualify or to obtain better mortgage rates means a great deal of money in your pockets.

Understanding that money is not everything should very important to you as it is to the financial institutions or lenders that you will seek a loan from.

Your credit score may not be good enough to qualify for a mortgage!

It is in the way your earn money and the way you use it that you create behaviors and may tell of what you give priority when you spend, how respectful and committed you can be to a promise made when requesting a loan, and what capacity you have to continue repaying a long term debt that you are asking for.

To some people making money is very easy at a time, but spending more than what they make maybe easier, to them going into credit card’s debt may be not important because they can pay the money back (at first) but without a conscience, of repaying with respect to the institution that lent them the money and the integrity to recognize that the lending and repaying transactions are a mutual commitment, the behavior patterns of those people most likely will lead to a higher un-affordable debt.

Some people pay on time and what is agreed their mortgages, but fail to do the same with their telephone or utility bills or car loan or others, this deteriorates the character of the borrower.

Paying responsibly, with consistency, on time and agreed amount (that is not yours, yo borrowed it) with consistency to all who you have celebrated a financial agreement with, will help you build a pattern of good character, one that respects financial institutions and that is always observed by the lenders when requesting a mortgage loan.

Your high income may not be sufficient to qualify for a mortgage!

Some people may have a high income, yet they may have previous commitments to car and student loans, credit cards, other monthly commitments and may not see in time that their debt ratios are getting out of hand as what they make or more is already committed.

The above example is common and may be as a result of poor management of their income.

Some people may be earning enough money to afford mortgage payments but may not be able to document all their income, this represents a higher risk for the lender. Different lenders have different appetite for risk and therefore some people may be able to support their income in different ways and qualify for a mortgage loan, but the borrower needs to understand that a higher risk means a higher interest rate in their mortgage loan.

There are also people earning good money but not capable to save for the down payment on their own, and have no assets, so where does the money go?

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All this examples and a thousand more that you may be familiar with, are considered as factors that build a financial character in a person by his/her own, and are always considered by the lenders when underwriting before they decide to approve or decline a mortgage loan.

Keeping a good financial character helps you project a good image of your self when it comes to requesting a mortgage loan, it shows your respect to your agreements, to, other people, to institutions and mainly to your own commitments

With a good financial character, you could picture yourself as the client all lenders want to have in their portfolio, it gives everyone a peace of mind, you would be a promise of a long lasting relationship, it is good business for everyone, and it means to you a great deal of savings.

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