What are the requirements for a mortgage loan?

Published on October 11th, 2016

Has the thought of buying a new home crossed your mind lately? If so, that’s great! Your next thought is to think vLoan! Here at vLoan we aim to help you every step of the way in the home-buying process. To get you prepared, here are some of the requirements that are expected at the time of signing on for a mortgage. 

Money - Although this seems pretty obvious, a lot of first time homebuyers don’t realize how much money they need to have put away for their first home. Be prepared ahead of time!

Down payment - When looking for the perfect home, keep in mind that many people believe that lenders want 20% down but there are many other loan options out there that will allow you to put less money down. Go ahead, do some research and have the money set aside so that you can buy your dream home!

Good Credit - Before applying for a mortgage, check your credit reports. Ensure that your credit report is in tip top shape. Look for errors such as: statements saying that an account is open when it is closed or incorrect details regarding your credit limit, the amount still owed and opening dates.

Demonstrate the means to repay it - When applying for a mortgage, our mortgage advisors will ask for a pay stub and a W-2. This will ensure us that you have the means to repay your mortgage once it’s time to close.

Employment History - Many lenders look at the employment history of the borrower to see if they have a solid work history, being able to keep a job in the lenders eyes means that you will be able to repay them back on time.

So remember, if you feel like you are ready to make the big jump into owning a home and apply for a mortgage, then think vLoan! Contact one of our mortgage advisors today, or get the process started early with a free online rate quote! If you would like to know more about the mortgage products that we offer here at vLoan, check out our product pages.

 

Follow us on Facebook or Twitter to keep up to date with our monthly campaign #Boo-tifulHomes We will be sharing more mortgage advice and news to help educate you about the home buying and refinance process. Don’t do mortgages like your parents did. Do it digitally, with vLoan.

 

 

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