Penrith Home Loans
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Penrith Home Loans

Planning

You know you want to own your own home, so let us help you.

In order to plan properly, you need to understand what lenders are looking for from a borrower.  There are three factors that help determine if you qualify for home financing.

  • Your income
  • Your assets
  • Your credit history

Income
Most loan programs require the lender to verify all of your income sources.  Your Mortgage Consultant will let you know what documentation is needed.  Typically you will need to provide paystubs, your W-2, and if you are self-employed, you may need to provide copies of your tax returns.

Assets
The required down payment varies according to the loan program.  We have several affordable options for our borrowers.  Closing costs are associated with finalizing the transaction and include the appraisal fee, loan origination fee, title insurance, escrow services, legal recording of documents, etc.  Each loan is different, so it is important to discuss these fees with your Mortgage Consultant.

Credit History
All lenders review a borrower’s credit history to determine the type of credit used, the amount owed, and the borrower’s history of repaying debt.

If a borrower has not established a credit history through the use of typical sources, such as credit cards, installment loans, etc., a lender will work with the borrower to create an alternative credit history.  This is done by contacting a borrower’s landlord, utility and phone companies, or other sources to which the borrower makes regular payments.  A borrower’s credit history plays an important role in qualifying for a home loan.

Our Mortgage Consultants can help you plan for your home purchase.  Take advantage of their expertise.  Click here to find a Mortgage Consultant.

 


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