How does one qualify for a mortgage loan?
I would like to buy my own home at some point in the hopefully not-so-distant future, once I’m out of college and settled into a stable career. I’m looking at a time frame of hopefully 5-10 years.
My question is this: what can I do right now to help myself out in the long run? I currently have 3 credit cards, all of which I pay off in full at the end of every month. I have never missed a payment or paid late. I have about 3 years of credit history right now, so I’ll have at least 8 years when I go to apply for a mortgage. Would this, together with capacity to pay and low debt-to-income, be enough to qualify for a mortgage? Should I have some kind of installment loan, like a car loan, on my history?