How Do I Qualify For A Mortgage

Dated: 04/12/2019

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How Do I Qualify?

Generally, lenders use the same criteria when approving mortgages. Your past credit history is important becasue it indicates your willingness and ability to repay the loan.

Income

Will you have the necessary income to be able to pay your monthly mortgage?

Credit History

Have past credit obligations been made? Have you been late in making payments? You may need to show paid receipts and cancelled checks for rent and utility payments that document a pattern of making payments on time. 

Savings

A lender wants to see that you have the funds to fulfill your obligations as well as your new mortgage payment. Theoretically, you should enough savings to use for a down payment as well as an emergency fundin case something should unexpectedly happen financially. 

Property

A lender will have an appraisal completed to determine what the value of the home is in comparison to other properties in the neighborhood. 

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Laura Gomoll

Laura Gomoll is a 16-year real estate veteran, she knows first hand what it takes to help buyers and sellers to achieve their real estate goals. Laura enjoys working with first time buyers. "I really ....

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