Have you wondered about what is involved in doing a home loan analysis, and how a credit decision is made? Here is the interesting. You can present the same exact financial and credit information to three different lenders and have one deny you, one approve you with certain terms and rate options, and the third approve you with completely different terms and rate options. Here is the answer on what is looked at in a credit loan (mortgage) application.
There are several types of lending institutions who can extend you credit via a mortgage loan for purposes of purchasing a home. What are the different types, and how are they different? Find out here.
When is your loan approved, and how do you know that your financing for a home loan is secure? Well, it depends on which stage of loan approval you are at. Here are the five stages of home loan approval that most people are completely unaware of.
DTI stands for Debt-To-Income. It is a financial ratio which determines your ability to qualify for a home loan. If your DTI is too high, then this can be a deal buster. It’s critical to understand what your DTI is, and how your lender computes it, because often there can be errors in their computation, as well as there are strategies available to get your DTI into alignment to qualify for the home loan that you need.
