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Ultimate Guide about The Mortgage Qualification Process

Before you begin your house-hunting process, it is important to be well-informed about how much you can afford and what extra amount you need to purchase your dream home? By planning ahead, you save your time in the long-run and can make your home buying and mortgage qualification process smoother. When you determine that your dream house cannot be purchased without getting a mortgage loan, you may have lots of questions in your mind for example, How much I need to borrow? How my loan application will be assessed? What will be my down payment? Monthly payments and other fees associated with the program?

Following are the relevant answers to some of your important questions:

How My Loan Application Will Be Assessed?

When you apply for the mortgage, the lender will qualify you based on these 5 criteria’s:

  1. Your financial history
  2. Your ability to repay the loan
  3. How much cash you have in hand i.e. your deposit
  4. The property valuation
  5. Market conditions

What Information Do I Need To Provide When Applying For A Mortgage?

After making up your plan to manage a new debt, you need to sit with the lender to discuss what documents are required along with the loan application. Generally, they require you to bring key documents that:

  • Gives proof of your monthly income; pay stubs
  • Show your current monthly housing rent and utility expenses;
  • Indicate the value of assets and savings you may have;
  • Confirm the balances of your current debts, including, credit cards and other lines of credit.

Read: What Do Lenders Look For When Applying For A Mortgage?

Credit Qualification

When qualifying for a mortgage, a lender will more than likely ask:

  • Your credit score. They will determine if your score is good or bad.
  • Do you have faced a recent bankruptcy? Or were you called several times for collections? If so, give reasons?
  • Have you applied for a new credit cards or the old one maxed out?
  • Are there excessive and frequent monthly payments?

Contact Us!

Our services include:

  • Pre-Purchase Home-buyer Counseling
  • Home-buyer Education Programs
  • Counseling to Resolve or Prevent Mortgage Delinquency or Default
  • Non-Delinquency, Post-Purchase Counseling on Improving Mortgage Term, and Home Improvement
  • Post-Purchase Education Programs
  • Counseling and Education on Locating, Securing, or Maintaining Residence in Rental Housing
  • Marketing and Outreach Initiatives


Local: 954-372-4370
Toll-Free: 877-509-3160

For more details about our services, you can also visit our website

Read: Ultimate Facts About 20% Down Payment Conventional Mortgages

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