BE RICH WITH REAL ESTATE. Most people have the goal of someday owning a house. This is true whether it is a condo or a house. Even in these difficult times, everyone prefers to be home. There are three major obstacles to home ownership that are credit, down payment and the ability to manage monthly payment.
Credit is generally identified by the FICO score. This is a measure of how responsible is with credit cards, auto loans and other financial responsibilities. The initial payment is generally 20% of housing. Savings in time can generate the payment. Finally, the ability to pay the monthly fee is paramount. The monthly mortgage payment, property taxes and home insurance should not exceed one third of their monthly income. Sometimes they make exceptions, but this is a conservative pattern.
