With the right information, a lender can help you find the right loan solution
So you’re ready to start the journey toward buying a home? That’s awesome. Whether it’s your first home or an upgrade to handle a growing family, getting your lender involved early helps you find a loan that fits your situation.
Let’s look at the six things a lender will want to know when reviewing your home loan application.
Purpose
This is pretty straightforward. Our lender should have a good understanding of what we’re trying to accomplish. Is it to get into our first home? Maybe it’s a larger home. Maybe we’re looking to build. Or maybe we just want to downsize for retirement.
Credit
Our credit score tells our history of paying on past debts like credit cards and other loans. It helps the lender know what type of borrower we are.
Income
Knowing this helps the lender understand our ability to pay back the loan and to find the right amount for our situation.
Assets
The lender will want to know what assets we have. These could be things like a home, business, investments, cash in the bank, and more.
Debts
This tells the lender what we owe to others. It can determine how much money we can get and the interest rate we can qualify for.
Collateral
The lender will want to know the value of the home we’re wanting to buying.
We have more details on what our lender will want to know - including some of the paperwork we may need to provide. Download that handy guide here.
Getting approved for a mortgage is a huge step toward buying a home. But there’s plenty of other things to know when house hunting. Check out our ebook and other blogs for great home buying tips!
