What Lenders Look For In Home Loan Applications
By: Nicole Gates
Once you fill out your home loan application, the first thing a lender will do is look for your ability to pay back the loan. To do this, they need to know your personal financial picture, including your savings, credit history and employment stability. While some loans are not approved on the first try, there are a few things you can do to help make qualifying for a mortgage easier.
The key thing to keep in mind is consistency. The more consistent your financial picture appears, the easier it will be for you to qualify. This includes consistently paying off all your bills and a consistent employment record. If you’re self-employed, seasonal or just recently graduated from school, there are various loan options you can choose to help make qualifying easier for you too.
For more information about qualifying for a mortgage, check out our free eBook “Demystifying the Mortgage Process”.