Why are mortgage applications so painstaking, long and detailed? You are borrowing a huge amount of money here, and they want to make sure they know everything about you. Here are the most important things on which to focus during the mortgage application process.
- Employment Information – Mortgage lenders calculate their risk based on your habits and your employment and income habits are of paramount importance.
- Credit History – First, you should know exactly what is on your credit report and what your credit score is before you fill out a mortgage application. They will pull your credit report but sometimes, if a loan has been paid off and not yet removed, they will need explanations about debts that show up.
- Accurately report your expenses and payments. They calculate what you can really afford for a reason and rather than trying to lie to get more house than you can afford, let your lender guide you on what will be feasible for your budget.
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