Be Prepared – Questions From Gulfport Lenders

    Gulfport lenders are no different from other mortgage lenders when it comes to approval of a home or condo loan; they will be asking numerous questions to learn more about you. As the purchaser of an important investment, you should be prepared for the questions that will assure the lender and their underwriters of your being worthy of their credit, before the money is approved.

    Your Employment and Income

    Some of the questions that may be asked include: Where are you working? How long have you been with this company? How much money do you make? Is your income from a steady job or from freelance/contract work? You will need to provide more detailed information if it is the latter case.

    How Much Do You Owe?

    What are your recurring debts? How much is your credit card debt monthly, and how of your monthly income goes to paying credit card debt? Do you have an auto loan, and how much do you pay? Do you have money in the bank, and how much will remain after you pay the down payment and closing?

    How Much Are You Putting Down for the Down Payment?

    Is this your own money? If it is not, is it grant or a gift from your family?
    Property Type and Use

    What type of property is it, a home, duplex or condominium? Do you plan to live there, or is it an investment?
    Answers That Work For You

    The lender will happier with the following: Employment that has been steady, two or more years with employer or in the same field. Low debt and a 36 percent or less debt-to-income ratio. Property is to the primary residence and is a detached single family home. It will be a purchase or rate-and-term refinance.

    Working with Gulfport lenders makes the process go smoothly; but remember to ask questions of the lender as well.

    Testimonials

    Amanda and Associates helped me every step of the way through the difficult situation of selling my home. We had a difficult time in dealing with the lender and Amanda’s team made it much easier.
    Dean Hoehn