What Lenders Need to Know About You
HOW THEY DECIDE YOU ARE A SAFE BET
Before lenders can approve you for a loan, they need to know information about your financial history to determine if you're an acceptable credit risk. Here's what they're looking for:
Your Personal InformationSimply put, lenders want to know you are a safe bet and that you'll pay their money back. Here's what they look at in order to make that decision:
Your past financial history
-Your credit report, credit score and employment history
-Your income
-Your monthly expenses on credit cards, auto payments, student loans and other debts
-Your savings
-Your estimated net worth
-Your Property InformationLenders will have questions regarding your property including the following:
Are all claims against the property known?(This is the reason for a title search.)
Are the public records complete and accurate?(This is the reason for title insurance.)
Does the property need a termite inspection or property survey?
What is the accurate value of the property?(This is the reason for an appraisal.)
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