Today we want to talk to you about a topic that may interest a lot of folks. This is something we get a lot of questions about, especially when somebody is going through the process of purchasing a home in Savannah.
Mortgage Qualification Secrets Revealed!
This is always brought up when we talk to them and something people always want to know about. So, today, we are going to talk about financing and how a lender determines the total amount that a person is able to qualify for.
There are 3 main components:
1. Credit score/history This is one of the first things that a lender will ask for when determining your loan amount.
2. Amount of down payment Depending on the amount of down payment you can afford to pay, it will influence how much of a mortgage or loan you can qualify for.
3. Debt to income ratio If you have a lot of outstanding debt, that is going to come into account when the lender is determining how much of a loan you qualify for.
Although there are many things that the lender will use to determine the size of your loan, these are the 3 main things to be aware of.
You can always give us a call if you have any questions. If you are looking to buy or sell a home, we have some great tools here on our site to assist you in your search. We would be more than happy to help you!
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