What factors affect mortgage approval

[Ononivami]

The major factor that affects the mortgage approval is your credit score. A good credit score translate to speedy approval. Then the ability to pay the mortgage with no hiccups is one of the factor.

 

[Sincerem]

Here are some of the key factors that determine whether a lender will give you a mortgage.

• Your credit score. Your credit score is determined based on your past payment history and borrowing behavior. ...
• Your debt-to-income ratio. ...
• Your down payment.

You credit score is top on the list of what your mortgage agent would take into consideration before they offer to give you the property on the basis of loan. And always go for a property you can afford to pay for in the long run.

 

[Lens]

The ability to pay back the mortgage loan should be taken very seriously and because that is what will be considered before issuing a mortgage loan and if you noticed that you cannot meet up with the payback it will not be given.

 

[Ononivami]

The mortgage is often approved whenever you have the resources to pay back but if you do not have a source of income that could pay back the loan easily then the loan could be declined.

 

[Bookwormlux]

Your record because of how you have been able to meet up with what is expected of you in the property market is what would determine if you will get fast approval in mortgage.

 

[Gandiba]

Your reputation is the single most important factor that will get to determine if you will get an approval or not. Who who have bad reputation find it hard to get approval.

 

[Sincerem]

Your reputation is the single most important factor that will get to determine if you will get an approval or not. Who who have bad reputation find it hard to get approval.

Your reputation will be put into consideration that's right. Sometimes Your history of loans will also be collected to see how you have been handling loans you were given in the past. Although this does not deal with the loan but they will put it into consideration just to know how trusted you are.

 

[tyrim88]

Mortgage approval policies differs from country to country. In my country before you must be considered for mortgage, your account must be in good standing. You must not have past or current records of owing people. You must have a good means of repaying your mortgage.

These are among some of the reason most financial institution usually refuse some persons the previledge of accessing some of these facilities,because once your account statement does not add up,it would be very difficult to access these grants.

 

[Syldan]

For mortgage approval, it greatly depends on your financial status and those kind of investment or properties you have that can be taken in place when you are not able to pay back the loan collected. that will be used as a collateral.

 

[tyrim88]

One of the things that would go a long way to determine if you would be granted any form of morgage is the record of you past credit you have been collecting from financial institutions,it is a huge factor.

 

[Lynaia]

Many factors affect it. You have to first check your credit score as bad credit score won't get you mortgage and also maintain your debt-to-income ration and also make sure you have a good work history.

 

[Smiles20]

Your mortgage is not going to be approved if you do not have any verifiable source of income or at least a way that they can trust that you are going to be paying you yearly payment.

 

[greenie]

Before you can apply for mortgage for a house you must have a good job, this is one vital thing that is required when you are apply for a house mortgage. This is required before house mortgage because they will like to know how you will be paying for the house instalmentaly. The second thing they ask for is guarantors, they will want to know if you have a grantor, so that if you defult they will hold them responsible.

 

[tyrim88]

I want to buy a house on mortgage and I was told that my credit score and borrowing behavior will be looked into before my mortgage is aporoved.
My debt-to-income might also be considered.
What other factors affect the approval for mortgage?

I could remember when I wanted to apply for a loan facility and I approach a bank for some funds,they have to carry out an underground check on my credit records with other financial institutions,they have to tell me that after the checks.