Saturday, 14 May 2016

How Your "Numbers" Affect Your Mortgage Approval

Getting a mortgage is an exciting process, but it can be full of pitfalls if you don't know what to expect. Understanding how mortgages work will make the process run more smoothly.

Think Like a Lender

In order to get the mortgage you want, you have to think like a lender. The lender wants a full picture of your financial situation in order to make a decision about whether to loan you the funds. The lender will ask for your income statements---tax documentation, pay stubs or profit and loss statements--to determine whether you are able to make the required payments.

Know Your Numbers

While most people know that they need a favorable credit score to get the best mortgage rates, many people are not aware of the other numbers that are important when qualifying for a mortgage. Your debt to income ratio, loan to value ratio and down payment percentage are all important factors that mortgage lenders will consider.

When it comes to learning the best California mortgage tips, trust the experts. Find your right loan today.