Buying Boca Raton luxury homes is easy to do if your finances are in order and women are more likely than men to be able to do just that. This is the latest findings from a survey recently released by Experian® that shows women are better at providing the initial capital requirements than their male counterparts.
Requirements to Purchase Boca Raton Luxury Homes
The basic requirements necessary to purchase Boca Raton luxury homes, or any other property for that matter, mostly have to do with a home buyer’s finances. A mortgage lender is unlikely to invest its money in the form of a loan to someone who doesn’t show some fundamental financial stability in their lives.
Mortgage lenders are primarily looking at:
Credit Score: Credit scores indicate if a person consistently pays off their debt. This is one of the first things lenders will look at to determine if someone is worth investing in and whether or not they will be able to pay for Boca Raton luxury homes.
If you pay your bills on time, then your credit score will be high, which is good. If you happen to be habitually late making payments, your credit score will be low. You also will earn a poor rating if you have had serious credit problems in the past.
Debt: Lenders will want to know how much you owe to others before they decide to lend you money. Debt in comparison to the amount of income you bring in every month helps lenders determine whether you will be able to pay your monthly mortgage.
Income: Before money will be lent to anyone, a bank will need to know how much money is received on a regular basis. Both work income and investments will be considered in determining an overall income level.
Cash Down: A down payment is required when buying a home. Mortgage lenders expect loan applicants to pay 20% of the selling price of Boca Raton luxury homes. The ability to do this shows lenders that the potential home buyer knows how to save money and is serious about investing in Boca Raton luxury homes.
The Money Breakdown Between Men and Women
Traditional stereotypes would have most of us believe that men are better at handling finances than women. However, the Experian® analysis paints a much different picture.
The survey, which examined individuals from across the U.S., shows the following:
- Credit Score: Average credit score for women is 675; average credit score for men is 670
- Debt: Average debt shows women fall below the amount men carry by 3.7 percent
- Credit Cards: Women hold 23.5 percent more open credit cards, but are more timely in paying those debts
- Debt-to-Limit-Ratio: Measuring the amount of revolving credit limits, the ratio for women is less by 4.2 percent
- Mortgage Loan: When it comes to the average mortgage loan amount, women take on lower mortgages by 7.9 percent.
- Mortgage Payments: Women are more likely to pay their mortgage on time. The incidence of late mortgage payments by women is less than 8.1 percent when compared to men.
