Finance Articles

Mortgage Qualifying-What Are The Factors?

It's not very likely that many of us just happen to have a few hundred thousand dollars handing around. That being said, in todays real estate market, should any of us want to become homeowners we will have to take out a mortgage. The whole process of buying and selling is stressful enough; don't add a poor financial history to the mix. Last minute financing grief, and possible disappointment are unwanted!

Keep in mind all of the following when qualifying for a mortgage, these are the area's the lenders will be looking at:

First and foremost - your credit history. This is very important, after all, they are lending you money. The lender will give your credit report a thorough review. Looking not only at your current bill paying record, but also reviewing your past credit history. Lenders learn quite a bit from your credit history, for instance:

* Are your bills paid on time?

* How many late payments have you made, and why?

* How many different credit accounts do you currently have open?

* What are your account limits, and what do you currently owe? Also, what percentage of your available credit remains available?

* Have you ever filed for, and been declared bankrupt?

* Do you have, or have you ever had a lien filed against you?

Your lender will want the answers to these, and possibly a few more questions when qualifying you for a mortgage. Also, lenders vary as to where they place the most importance, and just how forgiving they are regarding minor credit problems.

Another very important consideration for lenders is your "debt-to-income ratio." Should the amount of your debt be excessive in relation to the amount of your income, the lender may decline your mortgage application.

Potentially very damaging to your mortgage qualifying would be a past foreclosure. The lender may consider you to be too high of a risk, and be very hesitant to offer you a mortgage.

Be prepared to provide proof of employment and income. Some recent pay stubs, and perhaps the last couple of years tax returns should be all that is required. Job stability can also be very important to the lender. Should you be in the position of being with your current employer for only a short time, you may also be asked for information about your previous employer.

Your bank accounts will also be reviewed. How much cash do you have on hand? Will it be used for the down payment? Do you have enough cash to cover closing costs? Do you own any stocks, bonds, or mutual funds? These too are factors in qualifying for a mortgage.

Don't let these conditions intimidate you. Keep your financial affairs in order so when qualifying for a mortgage you can paint as positive a financial picture as you can.

Carl DiNello is an Article Author, Researcher, and Wesbite Owner whose articles are featured on websites covering the Internets most popular topics.

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