The 3 Things Lenders Want To See In Your Mortgage Application

Home buyers need three things to get mortgage-approved: (1) A decent credit score; (2) Verifiable income; and (3) A history of paying bills on-time.
A woman sitting on her white bed with a laptop open and a cup of coffee that could easily spill and ruin the comforter. It's a precarious set-up, if you ask me. Especially because her Macbook is missing its logo like this is some weird version of iCarly or something.

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.

  1. Your history of paying personal bills (mostly) on time
  2. Your job-related income
  3. 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.

Ask us your question about mortgage approvals in the chat box. We're here to help.