What Lenders Look For

Once your loan application is filled out and sent to the lender for review, the first thing
they will look for is your ability to payback the loan you are requesting.

Reviewing the Loan Application
As the Lender, we want to know about your personal financial picture, including savings, credit history and your employment stability. The co-barrower's history is also taken into consideration. We also consider the loan amount and appraised value of the home you are looking to purchase. It is crucial that the loan application discloses any and all financial obligations, assets and income. Not every applicant is approved the first time through the process. If the underwriter has any questions or concerns, he or she will require certain conditions be met before they approve the loan. Prewapproval prior to house hunting lets you know exactly how much you are qualified to borrow in advance.

What can you do to make it easier?
Before taking out a home loan it helps to establish a consistent record of paying your bills on time. If you have utility bills that are overdue, bring these up to date. Make sure you are paying credit card installments in a consistent and timely manner.
We can help you e:valuate your debt-to-income ratio to determine what mortgage payment will be comfortable and affordable for you on a monthly basis. Aim for having enough savings to cover your down payment or at least two months expenses in case of an emergency. We'll help you find a down payment assistance program if necessary and determine if you qualify for assistance.

Consistency is the key word in our mind. But know that Investors have developed many different loan structures to meet the needs of the general public. When your grandparents bought their first home, they probably put 50% down and made a lump sum payment when the note was due. Times have changed, and so have loan programs. Our staff stays on top of current mortgage trends. We monitor rates daily and have a support network of Realtors, Closing agents and Credit Repair Consultants to lend you additional assistance.

Call us directly for a free consultation.

901-761-9700
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Eagle Mortgage & Funding Inc.
A Licensed Tennessee & Mississippi Mortgage Company