I want to buy a house, what does a mortgage lender consider when reviewing a loan application?
There are three categories of information that lender’s look at when reviewing a loan application: • (1) the applicant’s personal information, • (2) the subject property information and • (3) the mortgage program information. Personal Information: A lender will look at income, assets, debts and credit history to help determine your ability to repay the loan. Property Information: An appraiser will compare your home to other similar homes in your area to determine that the loan amount being requested is acceptable to the investors. Mortgage Information: There are a variety of mortgage programs to help you with your home financing. Programs vary based on factors such as down payment required, repayment terms and length, points, and interest rates. A lender will look at the program you selected as a preferred scenario and verify that you meet all the program criteria.
