Understanding Mortgage Lenders and Their Requirements
Do you want to purchase a home and need to secure a mortgage loan? If so, it is important to understand the requirements of mortgage lenders and how to get the best rate for your loan. Knowing what lenders look for and meeting these requirements can help you to qualify for the best rate and terms possible. What Mortgage Lenders Look For When considering a borrower for a mortgage loan, lenders look at several factors. These generally include credit score, debt-to-income ratio, income, assets, and employment history. Mortgage lenders will also consider the type of property being purchased, the size of the loan, and the borrower’s down payment. Credit Scores Mortgage lenders typically look for borrowers with credit scores of at least 620. The higher your credit score, the better…