Mortgage lenders review applications on five basic [mortgage] vitals:
- Income & stability from employment or self employment
- Credit history
- Down payment amount on purchases, equity on refinances
- Percentage of total household income for housing costs: mortgage principal & interest, property taxes, heat & strata fees if applicable
- Percentage of total family income to all debts: housing costs plus any required payments on loans, lines of credit, credit cards, leases, support or alimony
How are your [mortgage] vitals? Be sure to check them if you are thinking of buying or refinancing and contact me before making any changes!