Future Buyers

Renter’s Journey

Let’s explore the renter’s journey through the experience of Tom. Recently entering his high-income years, Tom is eager to purchase a home. He believes his earnings are sufficient to cover mortgage payments for a desirable home. After finalizing a selection in the suburbs, he approaches a bank to submit his mortgage application. Unfortunately, his application is rejected for the following reasons:

• Tom does not have a great credit score and has limited credit history

• He lacks sufficient savings for the required down payment

• His employment is in a volatile industry, making the outlook for his future earnings uncertain