Fill in the correct terms to complete the description of Mischa going through the home-buying process Mischa wants to buy a home

Question

3 years ago

11

Fill in the correct terms to complete the description of Mischa going through the home-buying process Mischa wants to buy a home

. She has looked at the housing market. Now she needs to find a 1) ______ to become 2) _______ for a mortgage. By doing so, Mischa will know how much she has to spend on a house.

Business

2 answers:

kotegsom [21] · Answer 1 · 2022-04-29T17:58:38+03:00

Mischa needs to find Down Payment to become Eligible for a mortgage.

Getting a mortgage on a house can be a life-changing experience. For the next 20-30 years you will need to make a mortgage payment every month.

However, before you are able to get a mortgage you need to have a good credit history and you need to make some form of a down payment.

This can be typically 10-20% of the value of the house. Without this, you cannot mortgage as the bank requires you to put some money upfront.

saveliy_v [14] · Answer 2 · 2022-04-29T19:32:09+03:00

The answer is: 1. Lender , 2. Prequalified

Lender refers to an individual or institution that are able to provide you with loan/credit. For mortgage, the lenders usually big financial institutions such as banks.

The term 'qualified' in this context refers to providing information regarding your financial condition to the lender. (the information could include your income, your debt, your total net worth, etc)