2 Oversights that Ruin Your Creditworthiness

Posted on by Ink Well Mag

Mortgage LoanThere’s a considerable amount of pride that stems from owning the roof over your family’s head. No, this doesn’t infer the ability to pay rent on time. Rather, it falls more in the homeownership sphere. Given an average home calls for more than $200,000, stepping up to the homeowner’s clubs is not a walk in the park.

You need to have the money upfront or possess creditworthiness that makes it easy to access a loan facility. If you, like the average citizen, fall into the latter category, here are mistakes that ruin your creditworthiness.

Failing to take your studies seriously

In the light that you are likely to be over 18 grand in debt and still end up jobless should spur you to act. Don’t just attend class to get grades. Be on a quest to accumulate skills, shape your thinking, analytical and solving capabilities.

These are some of the traits that are likely to set you apart and get employers paying top dollar. You can agree that a having a fat paycheck comes with a myriad of benefits.

Most of all, it entitles you to the best mortgage rates in Utah from institutions such as Altius Mortgage Group when you need to acquire that dream house.

Failing to understand student loans

By the time the average student in Utah hits the job market, they are on the hook for at least $18,000 in student loans. Tough economic times lead to a slow job market, which leaves many graduate jobless or in low paying jobs. As a result, they are likely to fall behind on their loan payments.

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When this happens, it sets off a series of unfortunate events. It exposes you to increasing interest on the loan, fines, and penalties – all of which are compounding by the year. By the end of it, you are buried under a massive pile of debt that you can’t hope to pay off for the year to come.

Students often fail to see the connection between their school loans and performance and their ability to realize their dreams of owning a home. They fail to recognize that having barely passable grades leads them to get low paying jobs that lower their chances of getting a home loan affordably.