Qualify for Mortgage
The process involves submitting your financial paperwork to a potential lender and receiving approval for a pre-determined mortgage amount. The pre-approval agreement may also guarantee an interest rate for a mortgage taken out during the 60 to 90 day pre-approval term. The mortgage lender will inquire about such things as your marital status, number of dependents, age, current employment (including how long you have worked there), salary, as well as other sources of income. They will ask for a list of your assets (i.e. vehicles, cash, etc.) and liabilities (i.e. credit card balances, car loans, etc.). Lenders also do a credit check to find out if you pay your bills on time.
To qualify for a mortgage, the applicant’s gross annual income, credit history, and assets and liabilities (past or present) all impact the final outcome. There are a variety of online mortgage calculators available that can help you to ascertain the amount of mortgage appropriate to your financial situation.