How does a loan work from the bank cause i want to get a house or apartment in los angeles ?i'm 17 right now and i planning on moving back to los angeles for college and after college i plan on getting a really nice apartment or a nice house. i plan on being a mechanic.My dad told me i need to get a good paid job to get loan from the bank is that true?I'm only moving to los angeles cause most of... |
Explore the income a mechanic earns. Libraries have the Occupational Outlook Handbook for that but income is very geographical so investigate accordingly. Airplane mechanic? Heavy equipment mechanic?
Housing prices vary by location location and location. You will need to QUALIFY for a MORTGAGE which requires a credit history and FICO score usually above 720. A rule of thumb is your housing cost; mortgage, property tax and insurance should be in the range of 1/3 of your gross income and 25% of your net after taxes.
It is very easy to go online to zillow.com, enter zip codes and see the current prices of what is for sale. Determine where you want to live. Malibu costs more than Lynnwood or Culver City. Holmby Hills costs more than west Hollywood. Can you afford to live where you want to live?
Kudos for having a dream at your age. Now turn it into a plan by gathering solid information and facts and working towards turning your dream into a plan and your plan into reality.
Well of course it's true.
Would you lend half a million dollars to someone who didn't have the ability to make the payments?
You will also need a two year history of stable work and income.
There are all kinds of free mortgage prequalification calculators online. Just do a quick websearch and you will find what you need.
