With the right information, a lender can help you get the right loan
So you’re ready to start the journey toward buying a home? That’s awesome. Whether it’s our first home or an upgrade to handle a growing family, getting our lender involved early can ensure we get the loan that fits us and our situation.
Let’s look at the six things the lender will want to know when we’re trying to get approved for a mortgage.
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.
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.
Knowing this helps the lender understand our ability to pay back the loan and to find the right amount for our situation.
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.
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.
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 we’re trying to borrow like a boss. Check out our ebook for great tips that will help us get the money we need for the home we want.