Posted by: PartisimonUpdated at : 8:22 AM
Tags: MORTGAGE LOANS
When you request a mortgage loan , a lender who wants to see if you are able to repay the loan and how much of a risk you would be if ...
When
you request a mortgage loan, a lender who wants to see if you are able to repay the loan and how
much of a risk you would be if you lent money. That means it will certainly
check your credit history that will reveal your payment habits before they can
approve your application. One advantage is that now you can find online
mortgage quotes. However, in any case there are some factors to be considered
before a lender can approve your mortgage loan application.
Factors
lenders consider before approving a mortgage
Credit Score
If
you have a high score, you may have less trouble in getting your mortgage loan application
approved. You must take the initiative to clean up your credit score if it’s
necessary, to get your loan sanctioned. Once, you make an online mortgage quote
request, the lender will want to take a look at your score before deciding on
any quote for you.
Gaining stability
Gaining stability
Whether
you're employed or not ,it is also a factor that lenders will consider you.
Your creditors want to be assured that you have a stable source of income. This
means they will receive their payments on time then you won’t default on them.
They know that there are may have some exceptions, but these factors are
important to them. If you do not have a secure job, you may have to face denial
of mortgage loan.
Deposit
Another key factor to consider when you put forward your request for quote online mortgage is the fixed amount of money that you can pay in the first deposit. You will also need to provide information on where this comes first deposit. You must specify if it is a savings account and loan from friend or investors or any other source.
Debt and income ratio
It
is the ratio of total income for debt payments. The higher ratio is better of
your chances for mortgage loan approval. It is one of the most important factors used by lenders to
determine approval. A lender obviously does not lend money to someone who does
not have sufficient income to repay the loan. A ratio of 1.3 is good in the
eyes of the lender. This means that you have the money plus 30% more than what
you have to repay your mortgage loan. Sometimes, the lender must approve your loan even if you have a low
ratio if you have other sources of income or assets.
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Title : To Make Your Mortgage Loan Accepted
Description : When you request a mortgage loan , a lender who wants to see if you are able to repay the loan and how much of a risk you would be if ...
Description : When you request a mortgage loan , a lender who wants to see if you are able to repay the loan and how much of a risk you would be if ...