What Lenders Look for in Home Loan ApplicationsMar 26 2014
Once you fill out your home loan application, the first thing a lender will do is confirm your ability to make your monthly mortgage payments. To do this, your mortgage professional needs to get a better idea of your personal financial picture, including your savings, credit history and employment stability. While the approval process might be overwhelming, Guaranteed Rate wants you to know there are a few things you can do to help make qualifying for a mortgage less stressful.
The key to this process is consistency. The more consistent your financial picture, credit and employment history, the easier it will be for you to qualify. If you’re self-employed, seasonal or just recently graduated from school, there are various loan options available so don't assume you won't be approved.
For more information about qualifying for a mortgage, download Guaranteed Rate's free eBook today “Demystifying the Mortgage Process”.