2006-08-17 13:20:48 · 8 answers · asked by Girl1607 1 in Business & Finance ➔ Credit
It is actually a mortgage broker who will assist you with your home loan application, but it is the underwriters with the mortgage lender (or bank) who will be the ones to approve or deny you for a mortgage loan. Some of the factors they look at are length of employment, income, credit score/history, amount and length of loan, and the amount of down payment.
2006-08-17 13:41:29 · answer #1 · answered by what the heck? 3 · 0⤊ 0⤋
First, we'll ask for some basic information about you, your income and the property. We'll need your social security number to obtain a copy of your credit report. Then, in only a few seconds, we'll "connect" electronically with your credit report then ask you to identify which loans are directly tied to the property you're financing. After that it's just a matter of seconds until we reach a decision regarding your request for a home loan. Your approval will outline the terms of the Line of Credit, then you'll finish by scheduling your closing right online. You choose the date and time. Up to this point, everything has transpired online. After a few days, one of our Loan Advisors will call you to confirm the information you've entered and confirm your closing date. We'll overnight your closing documents to you prior to your closing appointment so that all you need to do is sign them at closing with our notary present. Then, within an average of 5 days from signing the documents, you'll get a check for the amount you've requested.
2006-08-17 21:08:49 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The final factor is that the mortgage payment should not be much more than 25-35% of your monthly income. Once you
go over that magic number all those other criteria become
critical. Its your credit history and your ability to pay bills-on time.
that will decide what you get.
2006-08-17 22:16:36 · answer #3 · answered by rpf5 7 · 0⤊ 0⤋
Credit history + income. Your history shows how you handle loaned money, and your income shows how easy or hard it will be to come up with mortgage, insurance and taxes along with other expenses and investments.
2006-08-17 20:27:31 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Credit score
How much money you can put down
How much your assets are and your current debts
If you have a checking and a savings accout
Your current job and its pay
Time at current job
Citizenship
Amount of times moved in past few years
If there are any judgements or unpaid items
2006-08-17 22:29:16 · answer #5 · answered by Think.for.your.self 7 · 0⤊ 0⤋
mainly your credit. as far as the income depending on your score you dont jhave to show your income. you got no doc loans, stated income loans and etc. your credit score & credit file is the main issue.
2006-08-17 21:05:40 · answer #6 · answered by Luckys Charm 4 · 0⤊ 0⤋
Money is all that matters:
Your credit rating
Your assets (cash, home, car, boat...)
Your incomes (past and future)
You benefits (past and future)
Any plausible source of money like stock options.
2006-08-18 11:31:00 · answer #7 · answered by roy_s_jones 6 · 0⤊ 0⤋
read tips and articles on loan,mortgages and more on real estate on this site
2006-08-17 21:05:44 · answer #8 · answered by Anonymous · 0⤊ 0⤋