What does a mortgage lender consider when reviewing a loan application?
There are three categories of information most lenders look at when reviewing a loan application. The applicant's personal information, the subject property information and the mortgage program information. Personal Information includes your income, assets, debts and credit history. This information is used to help determine your ability to repay the loan. Property Information includes using an appraiser to prepare an appraisal report on the property. The appraiser compares your home to other similar homes in your area to determine that the loan amount being requested is acceptable to the lenders investors. The mortgage program information includes such factors as down payment required, repayment terms and length, points, and interest rates.
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