What Questions Do Mortgage Lenders Ask Applicants?
Posted on: 3 December 2021
If you want to get a mortgage loan, you can contact a lender. The lender might begin your request by asking you some questions. The point of these questions is to determine if they should have you apply for a loan. What questions will they ask you during this conversation? Here are the main things they will ask you about.
Job
A mortgage lender might begin by asking you about your job. What do you do for a living, and how long have you worked at this job? If you worked at your job for less than two years, they might ask you about your previous employment. They want to ensure that you have worked in the same industry for at least two years or so.
Income
When discussing your job, they will also ask you about your income. How much money do you earn each month and year? Are your paychecks always the same, or do they vary? You might want to have your pay stubs handy to tell them the exact amount of your gross earnings, as your gross income is the amount they want to know.
Savings
Next, they might ask you about the money you have in your savings account. The main thing they want to know is how much you can put down on your home purchase. Before you talk to a lender, make sure you know the amount you have available for the down payment.
Debts
Lenders also factor in a person's debts. Therefore, the lender will ask you how much money you owe. You might want to have a list of your debts ready before you talk to the lender. You can then tell them how much you owe, and you can reveal how much you pay each month for your debt payments.
Credit
A lender also wants to know about your credit. If you do not know your credit score, you might want to find out before contacting a mortgage lender. The lender will look up your credit if you apply for the loan, but they like to know this information before they look it up.
Desires for the Property You Buy
They might also ask you about your desires in a property. For example, what kind of home do you want to buy, and how much are you thinking of spending on it?
When you call a mortgage lender, you might want to prepare yourself to answer these basic questions. After answering them, the lender can help you determine what step to take next.
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