What Mortgage Lenders Look For?
Keep in mind that this differs from the priorities of some loan originators, who are more concerned with your ability to qualify for a loan (so they can get paid), as opposed to actually being able to afford it. Before your loan application is submitted to a bank or mortgage lender, it is imperative to ensure that every possible red flag has been addressed. Typically, borrowers know what these issues are, but if you don’t, consider shortcomings in asset, income, and/or credit departments. Ultimately, you want your loan application to be strong as possible and to make sense so approval will be the only option; underwriters tend to love common sense. If you don’t check your credit score before applying for a mortgage, the deal could be DOA, so know where you stand before looking to purchase or refinance. If you don’t have seasoned asset reserves, your application may be declined or scrutinized further; so take care of your banking details at least a couple months before applying. Same go
