Applying for a Mortgage -3 Questions Your Lender Will Ask You

Before approving a mortgage, your lender is going to have to do his due diligence to ensure that you can afford a loan large enough to pay for a house. That means your lender will be asking you several questions about whether or not you can afford a mortgage. Here’s how you can prepare to answer these questions in a way that will increase your likelihood of approval. How Stable Is Your Income? Your lender is going to want to know that your income is going to be stable over the life of the loan. This means that you should be able to document steady employment, that investment income is going to be stable or that the alimony that you receive from your former spouse will continue to come in for the foreseeable future. To document your income, you can provide bank statements, pay stubs or tax returns from the previous three years. How Much Do You Have In The Bank? A lender is going to be interested in how much you have in reserve in case you lost your job or suffer an unexpected medical
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Questions First-Time Home Buyers Should Ask

Nationwide, mortgage rates are low and home prices remain relatively low, too. This combination, plus rising rents, is pushing renters in some cities toward first-time homeownership. Buying your first home can be exciting, but you should also do your research to make sure that you ask the proper questions of the process, and make the best choices for yourself and your household. For example, recommended questions for first-time buyers to ask home sellers include : What major repairs have been made to your home? Although standard disclosure forms are supposed to provide information regarding past damage and renovation to the property, there are occasionally repairs that are omitted or otherwise forgotten. Be proactive and ask pointed questions about the roof, the foundation, and the electrical system. Some home issue have a way of resurfacing many years later and it s best to know in advance. To which school district does the home belong? As a first-time homebuyer, you may or may not h
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