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What The Lender Looks at to Provide Mortgage Preapproval

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Posted in January 2022
What The Lender Looks at to Provide Mortgage Preapproval
What The Lender Looks at to Provide Mortgage Preapproval

In order for the mortgage lender to provide a preapproval letter, they will need to do some due diligence on your financial health. You can expect your loan officer to research the following information:

  • A detailed look at your credit history
  • Your current credit scores
  • Your current debt-to-income ratio
  • Employment history
  • Your present income
  • Assets including savings accounts and liabilities including debts such as credit cards, car loans, child support, and other personal loans.
  • Recent pay stubs
  • Your tax returns

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