Scenario
You are a recent graduate from Bryant and Stratton College and currently working in your field of study (licensed practical nurse). The forecast for your industry is looking very strong. Although you plan to keep your full-time job and remain in your current area, you would like to explore the option of buying a house. To achieve this, you need to secure a bank loan. You’ve done your research and you understand mortgages are among the toughest lines of capital to obtain. Only if a lender has a reasonable expectation of loan repayment will they lend you money. Since you don’t yet have business credit, your personal credit will play a large role in getting approved for a loan.
You need to thoroughly understand your finances to prepare your paperwork for the bank loan. The bank will expect a full financial picture of your personal assets. It is also crucial to determine exactly how much of a mortgage you will need. Most importantly, going through this process will help you assess whether you are ready to apply for your mortgage today or at some point in the future.
Directions
You will use information from your budget (income, expenses, and savings) to calculate ratios and proportions to analyze your financial situation and determine if you are ready to apply for a mortgage.
Requirements and Formatting
You will receive the Portfolio Project Template in your course. You will use this document to complete Parts 1, 2, and 3.
The template is formatted as follows, and you must ensure that it remains that:
- APA formatting
- Title Page
- Times New Roman or Arial 12-point font
- 1-inch margins
- Page numbers in the top right corner