Mortgage Lenders/Banks - What Are They Looking for?

LeahCoss.ca "What is it that the banks are looking for when they're processing my application? When you ask me what my credit is or when you ask me what my income is, is that good or is that bad? What kind of bars and hoops do I have to jump through and over in order to get a mortgage from a bank at a good rate?" Well, there's five main criteria that banks look at when they're doing a mortgage. So I want to go through each of those five aspects, and let you know what it is that they're looking for. But, however, I will prelude this discussion with Each bank goes after different clients. Much like Lexus goes after different ones than Toyota, same with banks. Banks have boxes that you need to fit within, and that box is not going to fit everybody. And, for some people, they're squeezing in, which means they're not getting the best rates or the best products for their situation. Other people are getting great products and great things for their situation. But it's one of the benefits of going through a broker, you're able to have someone look at all of the lenders and just say, "Which one has the right product and box that we can fit you into easily, give you a good rate, and the perfect product based on your situation?" So, with that being said, here are the five things. Income is always going to be a big one. The reason that the banks want to know what your income is they want to know can you pay the debt back. They want their money back at the end of the day. And so ...



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