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?

Do you have enough money saved up to cover two to three months of mortgage payments in case you lost your job?
Do you have a steady income and stable job?
Do you have a good credit report and credit score?
Do you have enough money saved for a down payment and closing costs?

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?


Do you have enough money saved up to cover two to three months of mortgage payments in case you lost your job?
Do you have a steady income and stable job?
Do you have a good credit report and credit score?
Do you have enough money saved for a down payment and closing costs?