Applying for a Mortgage? Three Questions Your Lender Will Ask You – and How to Prepare Your Answers

Before approving a mortgage, your lender is going to have to do his due diligence to ensure that you can afford a loan large enough to pay for a house. That means your lender will be asking you several questions about whether or not you can afford a mortgage. Here's how you can prepare to answer these questions in a way that will increase your likelihood of approval. How Stable Is Your Income? Your lender is going to want to know that your income is going to be stable over the life of the loan. This means that you should be able to document steady employment, that investment income is going…
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Three Ways That Your Credit Score Affects Your Mortgage and Your Chance of Obtaining One!

If you're thinking of buying a home, you've probably been thinking a lot about your credit score as well. Credit scores control so much of what we do in the world of finances, but what does your credit score really have to do with your mortgage? Here are three ways that your credit score could impact your mortgage application. Your Credit Score Affects Your Ability To Get A Mortgage The first thing your credit score tells a lender is whether they should lend to you at all. In some cases, if you have a very low credit score, you may not be able to obtain a mortgage at all. Different lenders…
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