Cindy Schweikert Hart West Financial Inc. Home Mortgages in Arizona, Washington, Oregon, Colorado, New Mexico and Utah

Serving Homeowners, Home Buyers, Home Sellers in Arizona, Washington, Oregon, Colorado, New Mexico and Utah

  • Home
  • About
    • About Us
    • Testimonials
    • Privacy Policy
    • Site Security
  • Hartwest.com
    • Daily Morgage Commentary
    • Request Estimate Of Closing Costs
  • Mortgage Info
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage FAQ
    • Mortgage Glossary
  • Apply Today – Click Here
  • Blog
  • Video Library
  • Contact

Hart West Financial September 3, 2014

Applying for a Mortgage? Three Questions Your Lender Will Ask You – and How to Prepare Your Answers

Applying for a Mortgage? Three Questions Your Lender Will Ask You - and How to Prepare Your AnswersBefore approving a mortgage, your lender is going to have to do his due diligence to ensure that you can afford a loan large enough to pay for a house. That means your lender will be asking you several questions about whether or not you can afford a mortgage.

Here’s how you can prepare to answer these questions in a way that will increase your likelihood of approval.

How Stable Is Your Income?

Your lender is going to want to know that your income is going to be stable over the life of the loan. This means that you should be able to document steady employment, that investment income is going to be stable or that the alimony that you receive from your former spouse will continue to come in for the foreseeable future. To document your income, you can provide bank statements, pay stubs or tax returns from the previous three years.

How Much Do You Have In The Bank?

A lender is going to be interested in how much you have in reserve in case you lost your job or suffer an unexpected medical expense that could make it harder to pay your mortgage. For a conventional mortgage, you may be required to have three to six months’ worth of expenses in the bank or in other assets that you could liquidate. To show how much you have in the bank, you can provide bank statements or balance statements from any other account where you may get money from if need be.

Where Is The Money For The Down Payment And Closing Costs Coming From?

While some lenders don’t mind if the money is gifted from a qualified source such as a family member, friend or employer, other lenders will require that the money for a down payment or other costs comes straight from your own bank account. To prove where the funds are coming from, you will need to show when the money was deposited into your bank account if using your own funds (or a gift letter if the funds are being gifted).

A mortgage lender needs to be sure that you are able to repay any loan that you are approved for. That means you’ll want to present your lender with solid, documented proof that you have a steady income and ample cash reserves to pay the mortgage and associated fees. For more information about what lenders look for in mortgage applicants, contact a qualified mortgage professional today.

Filed Under: Home Mortgage Tips Tagged With: Mortgage Acceptance, Mortgage Financing, Mortgage Tips

[easingsliderpro id="1"]

About Hart West Financial

Hart West Financial is a home mortgage firm licensed in Arizona, Colorado, New Mexico, Oregon, Utah, and Washington. They take pride in offering top-quality service and providing very competitive pricing due to their non-commission loan officer based business model. Call Hart West Financial today at 800-910-1937 to get your home loan approved today!

Connect with Us on:
Manta
Click Here For License List

Get A Free Rate Quote!

  • This field is for validation purposes and should be left unchanged.



Quick Links

  • NMLS Consumer Access
  • Accessibility Statement
  • Video Library
  • Mortgage Licenses
  • Contact Us
  • Privacy Policy
Hart West Financial, Inc.
9805 E Bell Rd. Ste 120
Scottsdale Road, AZ 85260
NMLS #116830
AZ MB 0901832; CO 100008133; NM 01938; OR ML-2751; UT 5491769NMLC; WA MB-116830
Cindy Schweikert Loan Originator NMLS #116611
EQ Logo

Our Location


9805 E Bell Rd. #120
Scottsdale, AZ 85260

Return to top of page

Copyright © 2023 Cindy Schweikert Hart West Financial Inc. Home Mortgages in Arizona, Washington, Oregon, Colorado, New Mexico and Utah. All rights reserved.   Log In