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TiggerBounce
The Prince & Princess
Member since 7/05 4939 total posts
Name:
J
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What things do lenders look at when considering you for a mortgage?
Aside from the obvious (like income)
How much do the following play when applying for a mortgage?
Debt to Crecit ratio?
Late payments?
Credit score?
Also- if a couple is married, can a mortage only have 1 of the persons on it, or does it need both. Like say the husband has fair credit and the wife has good credit, can the mortgage be just in the wife's name???
TIA!
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Posted 11/10/10 9:22 AM  |
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Prudential Douglas Elliman Real Estate
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: What things do lenders look at when considering you for a mortgage?
They look at your
debt-to- income ratio (how much you make a month, versus your housing expenses/bills
credit scores
late payments
you have to have at least 3 tradelines (lines of credit- like 3 CCs or 2 CCs and a mortgage)
Yes, only the husband or wife can be on the mortgage, but that person has to make enough income to qualify alone.
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| Posted 11/10/10 9:52 AM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: What things do lenders look at when considering you for a mortgage?
Everything the above poster said plus they look at your job and how long you've been there, and how you get your money 1099/paystub
they look at all your expenses, including any car payments, homes you might own now
they look at any large deposits made into your bank account in the recent year, and they ask for more proof as to where that came from
if its a gift, they want letters and sometimes this becomes an issue (not always)
BFCU even considered what utilities would cost on the house and factored that into what we could afford which I really liked.
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| Posted 11/10/10 10:12 AM |
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TiggerBounce
The Prince & Princess
Member since 7/05 4939 total posts
Name:
J
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Re: What things do lenders look at when considering you for a mortgage?
Posted by Deeluvsvinny
you have to have at least 3 tradelines (lines of credit- like 3 CCs or 2 CCs and a mortgage)
Thank you!
Now, do these have to be active with balance?
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| Posted 11/10/10 10:43 AM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: What things do lenders look at when considering you for a mortgage?
they must be active, but don't have to have balances, like if you pay it off every month, that's ok.
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| Posted 11/10/10 8:08 PM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: What things do lenders look at when considering you for a mortgage?
Wanted to add, if you do not have 3 active tradelines, you can "create" them. Well, the lender will do it for you...they will take your coned bill or phone bill or even use rent. YOu must have a 24 month history of the credit.
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| Posted 11/10/10 8:11 PM |
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TiggerBounce
The Prince & Princess
Member since 7/05 4939 total posts
Name:
J
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Re: What things do lenders look at when considering you for a mortgage?
Great!
Thanks for the info
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| Posted 11/11/10 3:07 PM |
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