As a rule, mortgage lenders usually look for answers to four essential questions. These questions center around your job history, credit history, savings, and the ability to repay the mortgage loan. First and foremost, a lender will want to know if you are employed and how long you have been on the job. Lenders are looking for a history of steady employment. Prior to lending money, lenders need to know that their customers have the means to make their monthly mortgage payments.
Good credit is very important.
When you apply for a mortgage loan, lenders will be asking you about your credit history. Credit bureaus compile their reports using information from such sources as credit card companies, banks, department stores, and other lending entities. There will also most likely be other fees associated with buying a new home. This is for your own protection. They want to make sure that your monthly house payments, with taxes, insurance, and other necessities included, do not exceed your financial abilities.