The 3 Things Lenders Want To See In Your Mortgage Application
Renters underestimate their ability to buy a home.
According to recent consumer surveys, two-thirds of renters believe getting a mortgage approved would be a challenge. Yet, mortgage lenders approve close to 80 percent of the applications they see.
There are three main items a lender looks for in your approval.
- Your history of paying personal bills (mostly) on time
- Your job-related income
- Your semi-decent credit rating
Your lender doesn't care whether you get giant paychecks, and whether you have a money saved up for a large down payment. It doesn't care whether you have student loans.
It doesn't even care about perfect credit.
Remember: mortgage lending is flexible and forgiving. Lenders want to make loans - it's how they stay in business. There are minimum standards to meet. Everything else is a bonus.
So, when you’re ready to stop renting and start owning, believe that it’s possible. You can get approved.
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