Students, clearing the road to real estate purchase
|
University life, for many traditional students, is one of few bills and responsibilities. However, every spring, new graduates enter the real world of full-time careers, families and mortgages. The average traditional student will first encounter mortgages in their first attempt to buy a home, without prior knowledge of what mortgage brokers are looking for and what they need in order to be able to approve them. |
Lenders require a copy of one’s driver’s license and social security card. If loan seekers have been renting, they must bring in the contact information of their landlord. They must also bring the most recent two months of bank statements for all accounts including stocks, checking, savings and money market accounts as well as tax information for the past two years and pay stubs for the past 30 days. It is wise to contact the loan agent prior to your meeting in order to make sure that there are not other requirements for that individual lender. Once the loan seekers have made their appointment with a lender and have gathered all of the information that is, necessary there are four things that lenders look at in order to approve loans: credit worthiness, cash on hand, income/job stability and debt ratios.
.
search for : mortgage, mortgage brokers, loan agent, loan seekers, credit worthiness, debt ratio
