Key Questions Your Mortgage Lender Will Ask Before Handing You The Loan

Most mortgage lenders will run a thorough background check on you before handing you the money to buy your home. This fact sometimes irritates the borrowers, but imagine yourself in your mortgage lender’s shoes and ask yourself that whether or not would you want to know a person whom you’re handing hundreds of thousands of dollars?

You would. Right?

So, before you apply for a mortgage, be prepared for these common questions to be thrown in your way by your mortgage lender. The only purpose of these questions is to help your lender know you better and determine whether you are eligible for a loan or not.

Here is a glimpse of what you can expect.

Questions Related to your Employment and Income

·        What organization do you work for?

·         How much do you earn? (You’ll be required to submit a proof of income as well)

·         How long have you been working for the same organization?

·        Do you have a fixed salary or an irregular income? (You might be required to provide details in case your income varies each month)

Questions Related to Debt

·         What recurring debts do you have?

·         How much money you spend on those debts? (credit cards, car payments etc.)

Questions Related to Savings & Assets

·         What is your bank balance like? (You might be asked to submit copies of bank statements)

·         How much do you own in bonds, stocks and other assets?

Questions Related to Down Payment

·         How much down payment will you be able to afford?

·         What is the source of the down payment money?

Purpose of the Loan

·         Are you buying a new home or refinancing?

·         If you are refinancing, do you need to take cash out? If yes, how much?

Questions Related to Use and Type of Property

·         What is the address?

·         Is it going to be your primary residence, an investment or a vacation home?

All the best mortgage lenders, be it online or banks, will ask these questions. So get your answers prepared before you apply for a mortgage loan.

All Western Mortgage is a mortgage company specializing in residential home loans since 1981. If you have any questions regarding mortgages or are planning to buy a home, give us a call at 702-850-2790. To know more about us, visit http://www.awmlending.com/about.php