It'll help you focus on what you really want. Meet with a Members 1st mortgage specialist to see what you can afford and help you begin to plan your blueprint to home ownership. You'll enjoy incredible tax advantages as you may deduct your mortgage interest. You're going to need money for closing costs and maybe a down payment. Lenders size up loan applicants on whether or not they are good credit risks.
Lenders review employment history, gross monthly income, housing expenses, and outstanding debt.
A licensed appraiser helps make this determination. Ryerse said most lenders use credit scoring, an objective model that predicts credit risk. In essence, scoring uses credit report data to evaluate your credit history based on experience with other borrowers. Computerized credit scoring speeds up the loan underwriting process, but it doesn't have the human ability to detect personal issues that can affect someone's credit worthiness. Members 1st considers other factors in the case of low-scoring applications.