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Chain of Lakes Mortgage
Key Factors to Qualify for a Home
Loan:
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In attempting to
approve home buyers for the type and amount of mortgage they
want, mortgage companies basically look at two key factors:
the borrower's ability and willingness to repay the loan.
Ability to repay the mortgage is verified by your current
employment and total income. Generally speaking, mortgage
companies prefer for you to have been employed at the same
place for at least two years, or at least be in the same line
of work for a few years.
The borrower's willingness to repay is determined by examining
how the property will be used. For instance, will you be
living there or just renting it out? Willingness is also
closely related to how you have fulfilled previous financial
commitments, thus the emphasis on the credit report or rent
and utility bills.
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