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Factors That Influence Mortgage Approval

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Factors That Influence Mortgage Approval

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  1. Factors That Influence Mortgage Approval There are several factors that affect the mortgage approval. Lenders consider these before deciding if the loan should be approved and at what rate of interest. Credit Score Keep a tab over your credit score as it can significantly impact the interest rates on your mortgage loan.  Debt-To-Income (DTI) Ratio Lenders check borrower's net gross income & pending debts. These factors are then compared to determine your DTI ratio. The ratio indicates whether you'll be able to repay the loan or not.  Employment Status Lenders prefer borrowers who have a stable source of income. So, avoid shifting your job when you are considering to apply for a mortgage loan in the near future. Amount Of Loan Figure out the amount of loan that you need. Also, ensure that you know your repaying capacity before applying for a loan, as maxing out your budget may get you in trouble down the road.  107 W. Hwy. 190, Copperas Cove, TX 76522 254-542-5100 2201 Trimmier Rd., Killeen, TX 76541 254-680-6158 5325 Saratoga Blvd., Ste. 225, Corpus Christi, TX 78413 361-994-3978 14641 S. Padre Island Dr., Ste. B, Corpus Christi, TX 78418 361-949-4647 10961 Gateway Blvd. West, Ste. 200, El Paso, TX 79935 915-843-2681 8426 Fountain Circle San Antonio, TX 78229 210-340-0404 1320 N. Zaragoza Rd., Ste. 111, El Paso, TX 79936 915-858-1996 7348 W. Adams Ave., Ste. 200, Temple, TX 76502 254-771-0020 2422 E. Main St., Gatesville, TX 76528 254-248-0029 1980 E. Baseline Rd., Ste. 103, Tempe, AZ 85283 480-752-3110 201 E. Central Texas Expwy., Ste. 1600 Harker Heights, TX 76548 254-680-6155 5290 McNutt Rd., Ste. 105, Santa Teresa, NM 88008 575-589-4706 100 W. Central Texas Expwy., Ste. 300, Harker Heights, TX 76548 254-690-3765 www.fcmloans4u.com 3106 S. WS Young Dr., Bldg. D, Ste. 402, Killeen, TX 76542 254-953-7000 First National Bank Texas | NMLS# 402924 | Member FDIC | Equal Housing Lender Image Source: Designed by Freepik

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