What factors are considered in approving a Mortgage Loan?
A. Your gross income will be considered to qualify you for your mortgage payment. This may include overtime pay, bonus pay if it is guaranteed, and commissions. A good estimate of total monthly payment is 25% of your gross monthly income. B.How much debt you have is a very important factor. This includes your future house payment, car payment, credit cards, child support, alimony and other installment loans you make each month. You should spend approximately 36% of your gross income on all debt. C.Mortgage Companies feel more comfortable lending money to applicants who have a consistent history of work in the same or related occupations. A steady history of employment and pay earnings is important. Stubs and/or verification from your ex-employers will be required. Self-employed applicants will be required to provide proof of income and work history, by way of tax returns. D.The Mortgage Company will require a detailed credit report that has information on your repayment of debt. Histor
