Question

Jamal tried to apply for a mortgage. However, he was turned down for the loan because the loan officer noticed that he had made late payments to his credit card and he had not made payments on a loan. What questions should he have asked himself before deciding to buy a home?
A) Do you have enough money saved up to cover two to three months of mortgage payments in case you lost your job?
B) Do you have a steady income and stable job?
C) Do you have a good credit report and credit score?
D) Do you have enough money saved for a down payment and closing costs?

Answer 1

C) Do you have a good credit report and credit score?

Answer 2

Answer:

C

Explanation:

The payment of credit bills generates points. Each person in default has a negative score. For Mortgages, one of the first procedures is to verify the Credit report, to check for customers in default, and Credit Score to see how many points does the prospective client have. Having these pieces of information, the process of Mortgage loan may continue or not.