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MORTGAGE INFORMATION
What Lenders Need to Know About You
What You Need to Know Before You Borrow
When is it Best to Refinance?
Fixed and Adjustable Rate Mortgages
What is an Appraisal?
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WHAT LENDERS NEED TO KNOW ABOUT YOU
Before lenders can approve you for a loan, they need to know information about your financial history to determine if you're an acceptable credit risk. Here's what they're looking for:
| Your Personal Information |
Simply put, lenders want to know you are a safe bet and that you'll pay their money back. Here's what they look at in order to make that decision:
- Your past financial history
- Your credit report, credit score and employment history
- Your income
- Your monthly expenses on credit cards, auto payments, student loans and other debts
- Your savings
- Your estimated net worth
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| Your Property Information |
Lenders will have questions regarding your property including the following:
- Are all claims against the property known?
(This is the reason for a title search.)
- Are the public records complete and accurate?
(This is the reason for title insurance.)
- Does the property need a termite inspection or property survey?
- What is the accurate value of the property?
(This is the reason for an appraisal.)
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