Applying for a mortgage can seem like an invasion on your life and everything within in it, because the lender will want to know everything there is about you in order for them to consider your application. Although the lender may ask you all these questions what they really only need to know about is your:
The reason that the lender will ask you for all of these details is so they can arrive at the best possible monthly payment for you without putting a strain on your living expenses, therefore creating possible hardship in the future.
The following information is just some of the things that a lender will consider when deciding whether or not you will qualify for the loan:
Expenses and household income
It isn’t just the total amount of your income that the lender will look at; how you earn your income is also very important to them because they can vary each year. Such examples are:
If your income is a large percentage of these things, then the servicer will want to make sure that these are going to be a reliable source of income.
The relationship between your expenses and income will also be considered by the servicer. Factors such as:
If these expenses are more than 28% of your income then it may be that the lender will not feel you qualify for a mortgage because you could pose a higher risk to them. Things such as repairs and maintenance of your home will not be included. Other things they will look at are:
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