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Research Process Paper

649 words - 3 pages

Importance of the Research ProblemIndividuals often find themselves at place in their lives when they feel ready to purchase a home or property. Acquiring the proper knowledge that is necessary in obtaining a loan is extremely important. Most individuals are not aware that a process must be followed in order to achieve their desired outcome. The most important factor is knowing how much the individual can afford. Depending on one's credit score, income, and current monthly expenses will determine what the individual can afford when looking for real estate.Variables to be testedThree variables exist that this research will test, credit score, income and debt ratio. Individuals need to use their income wisely and be aware of how credit scoring works in order to get out of debt. Credit scoring is a ...view middle of the document...

Therefore, most individuals apply for loans that are 80 to 90 % of the purchase price. The buyer is then required to submit a down payment. If the buyer has a steady income, as well as decent credit, a creditor may decide to finance the client up to 95%. If consumers are made aware of this, they are more apt to save the money necessary to make a down payment.One's debt will greatly influence the size of loan the individual should apply for. Lenders compare monthly income and expenses to qualify for a loan. Lenders focus mainly on the individuals debt- to- income ratio, which is one's total monthly expenses, credit card minimum payments, and other loans and debts acquired over time. Being knowledgeable of one's debt- to-income ratio before applying for loans will allow the consumer to pay off credit cards and other debt to increases their chances of own the home of their dreams.ConclusionHaving a clear understanding of the necessary steps to purchase real estate will allow more individuals to qualify for loans. Meeting real estate requirements will increase an individuals chances of gaining the mortgage rates desired. By acquiring the proper knowledge at the appropriate time, individuals will be able to improve their credit score, use their income wisely and pay off debt to receive the loan best suited for them.Further data on this research process will consist of literature review, design sampling ,data collection, and data analysis with descriptive statistics.ReferencesBlack, Ken.(2009). Is credit scoring important in your life?. . Retrieved January 30, 2009, from Income vs debt when buying a home. Retrieved January 31, 2009, from assignment1.f2.e3.j4.i5.a6.k7.h8.c9.d10.l11.g12.b

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