Mortgage Questions

Mortgage Questions
Just the​ thought of​ buying a​ home can cause anxiety in​ some people .​
For many people,​ it​ is​ the​ fear of​ the​ unknown that brings this about .​
One of​ the​ unknowns is​ usually based on​ not knowing what types of​ questions the​ lenders may ask of​ you​ during the​ loan application process .​
Here are some of​ the​ more common questions that you​ can expect to​ see and have to​ answer as​ you​ move through the​ loan process.
Keep in​ mind that not all applications or​ paperwork will have all of​ these questions.
Employment and Income: you​ will certainly see questions about this .​
You can expect to​ see:
• Where do you​ work?
• How much money do you​ make per week,​ per year?
• How long have you​ been at​ this job?
• Are you​ paid by the​ hour,​ salary,​ commissions?
• Do you​ have pay stubs available for review?
What are your Outstanding Debts: This is​ another of​ the​ will see questions .​
It is​ best to​ gather up all of​ this information beforehand to​ make filling out the​ application easier.
• What recurring (or revolving) debt do you​ have?
• How much do you​ pay a​ month in​ car loans?
• How much do you​ pay a​ month in​ credit card loans?
• How much do you​ pay in​ rent or​ home loans?
Assets and Cash:
• How much cash do you​ have in​ the​ bank?
• Do you​ have other assets such as​ stocks or​ bonds?
Down Payment Plans:
• How much money can you​ put down?
• Will you​ need to​ borrow this money?
• Are you​ using a​ VA or​ FHA loan?
• How many points can you​ pay?
Reason for the​ Loan:
• Are you​ buying or​ refinancing?
• If refinancing,​ do you​ expect cash at​ closing?
• If so,​ how much?
Use of​ the​ Property:
• Will this be your primary residence?
• is​ this an​ investment property?
What Kind of​ Property is​ It:
• Single family home or​ condominium?
• a​ duplex or​ some other type of​ structure?
The above are just a​ few of​ the​ most commonly asked questions .​
How you​ answer these questions will go a​ long way in​ whether or​ not the​ lender will work with you.
You should not be dishonest on​ the​ application because all answers will be verified,​ but here are some of​ the​ issues that may cause problems that you​ may want to​ work on​ before submitting your application.
If you​ are self-employed you​ may be required to​ present past financial records and tax forms.
If your credit cards are at​ the​ limit,​ you​ may want to​ pay them down before seeking a​ home loan.
If the​ property you​ want to​ buy is​ to​ be used for anything other than your primary residence,​ you​ may need to​ provide more information as​ to​ what you​ plan to​ do with it.
It is​ a​ very good idea to​ have enough cash in​ the​ bank so that after down payment and closing costs you​ still have 3 months of​ payments left over .​
This will look good to​ the​ lender.
Knowing the​ questions beforehand can help you​ be better prepared for them when you​ fill out your applications and do your research .​
Be honest and be patient and that home you​ want may be closer than you​ think.

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