Click here for a downloadable pdf.
How Banks Qualify Borrowers for Home Loans The factors are: Down Payment Income Credit Rating Cash Reserves The bank wants to know you have the down payment. They will measure income against obligations, such as you car payment, credit card
The Difference Between a Broker and Banker Synonymous, in a way. They both secure home loans. A mortgage banker works for a specific bank. He offers the products from that bank’s portfolio only. A mortgage broker is independent and affiliated
If you are self-employed it is important that you watch this video and get prepared early. It can be much more difficult to get approved as a self-employed borrower unless you understand what the bank is looking for. An experienced
Pre-approval is a critical step when looking to buy a new home. Getting pre-approved early can make the entire process much more efficient by: Telling you exactly what you can afford to spend Allowing you to move fast when you
Don’t let any of these common credit score myths keep you from getting a better score and a lower payment on your new home. 8 Common Credit Score Myths 1. Myth: If I go to a free online credit reporting