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Do you qualify for a mortgage?
By admin | October 23, 2009
Mortgage qualification involves the calculation of the credit worthiness and the affordability of the loan applicant. It is very essential for any loan officer to ensure that the applicant can afford the loan and will be able to replay the principal amount of the loan along with the interest. To verify the credit worthiness, the loan officer will ask for certain documents will be with respect to his gross income, his employment history, his credit history and the proof of the assets that he has and will mortgage. By analysing all these and calculation a debt income ratio and decide if the applicant is capable of taking a loan or not.
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