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What does a mortgage company look for when I am applying for a loan?
Wiki User
∙ 14y ago
Mortgage lenders look at two things: credit score, and income v. debt. Lenders have an established income:debt ratio. The amount of money coming into the home must exceed the amount going out each month in order to accommodate not only a mortgage but a fund for maintenance, repairs and emergencies. The income:debt ratio also provides the lender with a sense of the applicant's fiscal management and understanding of finance and credit.
Wiki User
∙ 14y ago
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Where can one find information about interest loan mortgages?
When thinking about applying for a mortgage, you will want to look in to the interest rates of loans offered by every bank and mortgage company you are considering. Then you need to find the best option for you, and go with it.
What should I look for when applying for FHA loan?
Answering "What should I look for when applying for FHA loan?"
What is a mortgage finder and who uses them?
"A mortgage finder allows an individual to look through many mortgage company interest rates, allowing them to choose the best one for them. Any consumer in the market for a mortgage loan could use a mortgage finder."
What type of loan other than a vehicle loan can you get when a mortgage company will not issue a loan for a modular home?
Certain mortgage companies can issue a loan for a modular home. I'm a loan officer and have given these loans before. It sounds like a not easy cracking nut,have a look here, you should find something useful for you.
What are some things to look for when applying for a mobile home loan with bad credit?
One thing you will need to look for is a company that is willing to loan money to someone with bad credit. After finding such a company, make sure the interest rate and down payment are affordable in your situation.
Anyone know how to get a mortgage?
The very first step is to find a mortgage company and see what amount of loan you can qualify for. They will need to pull your credit report and look at your finances. After you know what you can qualify for, then it's time to house hunt.
How is the best way to apply for a mortgage loan through a bank?
If you are applying for a mortgage through a bank the first thing you need to have is the deposit (especially if you are in the UK). The bank will not look at your application if you do not have a deposit. Natwest and Halifax offer mortgages for first time buyers and accept 9 out of 10.
What should a first time home buyer look for in a mortgage loan?
The most important thing that a first time home buyer should look for in a mortgage loan is that it works for the person who is getting the loan. It's always smart to ensure that it's a reasonable amount and time, in order to fully pay off the mortgage when planned.
WHO DO I GET in touch with to start procedures for predatory lending?
A loan auditing company, if you reside in NJ, PA or DE.. GMK Audits is wonderful. But mainly look for a Mortgate Auditing Company, they'll pick apart your mortgage and give you a full 55 page report on every detail of your loan and everything that the lender did wrong.
I am in need of a loan to mortgage my house. Where can I find an FHA loan?
Zillow and Relator have agreements with many banks to give you this FHA mortgage on your house. Have them look at your house, and some background checks (including your credit score), and then they'll check to see if your qualify for a FHA loan.
How do you calculate mortgage payments in Excel?
By going through the process, you get an idea of how much you pay in principal and interest each month. Calculating mortgage payments lets you look under the hood and see how your loan really works. When you calculate mortgage payments, you'll see how your loan amortizes. Amortization is the process of paying down a loan.
Why do brokers look at the middle score as opposed to the highest one on your credit reports?
I work for a mortgage company and we also use the middle score. Because the three scores can differ so significantly the middle score is a way of averaging out the 3 scores. Also if you're applying for a loan with a co-borrower you should know that we use the lower of the two borrowers middle scores when determining what credit score to give the loan. So if your scores are 680, 700, and 710 we score you a 700. If you're applying with your spouse who's scores are 610, 630 and 640 the spouse's score would be 630 and 630 would be the score assigned to the loan.
