If you're shopping for mortgages, it's important to know that lenders will want to dig deep into your finances to find out whether or not you and your co-applicant are credit-worthy. After all, nobody wants to wind up with a mortgage they can't afford, and mortgage providers want to be sure their interests are protected as well.
Here are some of the questions your mortgage banker will ask when you apply for a mortgage:
As with any loan, you'll be required to prove that you have an income. Expect to be asked for documentation such as W2s and tax returns. You may also need to provide a letter from your employer confirming your salary, length of time you've been at your company and current position.
Mortgage banking can do more than help you buy a home; it can also help you lower your credit payments by consolidating your debts together into a single, low-interest payment. In addition to consenting to a credit check, your mortgage broker may ask to see your student loan documents, credit card bills and car lease papers.
A sizable down payment can help improve your eligibility for mortgage funding - that's why your mortgage banker will ask about any savings you have or any help your family might give you with your home purchase.
To learn more about mortgage banking, contact Midland Mortgage today!