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Determining your ability to repay a Home Loan

Determining your ability to repay a Home Loan

October 5th, 2015 | What can I afford?

Criteria used to determine the ability to repay a Home Loan

What you earn as income is a major factor in determining your ability to repay a home mortgage and is one of the top items considered by a Lender in mortgage financing.

Lenders use qualifying ratios, which are guidelines followed in Lending to determine what loan amount would be granted to a home buyer.  1 STOP Mortgage can help.

Let's look at other related factors:

1.  Credit history.     Have you paid your bills on time and met your obligations?

2.  Current employment status.     Are you a W2 employee or Self-Employed?

3.  Current and future income.     Do you anticipate a raise in the near future?    

4.  Monthly debt to income (DTI) ratio.     Are your current monthly obligations excessive?     

5.  Is income augmented by 2nd or part-time job?     Is its continuance predictable?

6.  What's the history of current mortgage or a previous mortgage?     Good payment history?

      Questions?  We have Answers.  Give 1 STOP Mortgage a call at 901-388-1588.
                                                          We're here for you.

 

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