A mortgage is essentially a loan so that you can buy property. Obviously, it’s for a large sum of money so the lender wants to be sure that you’ll be able to meet your payment schedules. When applying for a mortgage you’ll need to supply at least the following:
- Income verification: Formulas are sued to make sure that you’ll be able to make your monthly mortgage payments as well as your other financial obligations.
- Credit history: Poor credit often means you’ve defaulted on past payments while a strong score indicates that you are responsible and can handle your finances.
- Employment history: In the financial world consistency and stability are important.
- Bank statements: Even those with a good job and income can overspend. It’s important for the lender to know that you can consistently meet your obligations.
- Home inspection: The condition of property you intend to buy can also a factor when you are looking for mortgage.