Getting Pre-Approved for a Mortgage Loan
Here are some tips and information to help you prepare to meet with a Mortgage professional and establish a relationship for determining what you can afford and what your goals will be. I have a number of references for mortgage consultation and I recommend that you speak with several professionals to determine who you feel comfortable with and want to work with. 1. What will a lender look at when I apply for a mortgage? Lenders consider many factors in evaluating your loan application, but they usually focus on four areas:
- Income and debt. How much money you make and what other bills you have to pay helps the lender determine whether you can afford to make mortgage payments.
- Assets. The lender needs to make sure you have enough money to cover the costs of buying a home.
- Credit. Whether you’ve met other financial obligations helps the lender predict whether you will repay your mortgage.
- Property. The home you want to buy has to be worth enough to act as collateral for the mortgage.
I specialize in helping First Time Home Buyers through the buying process.
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