What factors can affect your ability to get a mortgage?
What factors can affect your ability to get a mortgage? One key step in purchasing a home is qualifying for a mortgage, or the loan used to buy property. Although the application process can be overwhelming, it's a lot easier if you know what to expect. If you've ever applied for a loan in the past, you know that certain aspects of your financial history play into your ability to qualify and the rate and term for which you can qualify. A mortgage loan is similar, with certain elements playing a major role in the approval process. Explore what factors can affect getting a mortgage and how to prepare your finances before submitting an application. Credit score One of the first things a lender will look at is your credit score , which reflects your history of repaying your debts. Various financial factors are included in your credit score, such as student and automotive loans, credit cards, and lines of credit. Some credit histories also include cell phone bills and rental prop