Applying for a mortgage? Make sure you can answer these 6 questions

Lenders will perform extensive research into your financial history before they approve you mortgage application. Prepare for your meeting with a loan officer by finding the answers to the following questions:

1. What is your credit score? Not only should you know the score, you should take a look at the items on your record. Say you missed the final electric bill from your last apartment and it ended up in collections. You can call the agency and ask them to remove it from your report (they’re under no obligation to do so, but it’s worth a shot). It’s also important to check for instances of mistaken identity, especially if you have a common name. 2. What is your annual income? Don’t forget to add in income earned through bonuses and investments. Track down your most recent W2s and tax returns for easy reference. 3. How much debt are you in? Tally up all of those credit cards, car loans, student loans and other monthly payments. This will be important information to help you and the lender determine your debt-to-income ratio, a tool for figuring out how large of a mortgage is appropriate. 4. What are you worth? Lenders will want to see documentation of your assets, including automobiles, investments and income properties. Did you recently receive an inheritance? Loan a family member money? Be ready to explain any large deposits or withdrawals. 5. How much can you put down? All this financial reckoning will help you determine how much cash you’re able — and willing — to spend on a down payment. If family members plan to help, the lender will most likely require a letter from them. 6. How much house can you afford? A general rule of thumb: Your monthly housing payment (principal, interest, taxes, insurance, etc.) should not take up more than 28 percent of your income before taxes. There are plenty of online calculators to help give you an idea of what your monthly mortgage payment will be. An experienced Realtor can help you find a lender and prepare to apply for a mortgage. Find a RE/MAX agent in Jamaica here: http://remaxja.com/our-agents/.


Shop 37 Holiday Shopping Village
Montego Bay, Jamaica JMCJS12
JA (876) 953 9000
USA (302) 353-1350
UK (207)-993-0517
Fax (876) 953 9228

Email remaxjam@gmail.com

Our Mission

We believe real estate buyers and sellers everywhere deserve the world-class services of outstanding agents who are skilled, driven and focused on achieving outstanding results. Each RE/MAX Office is Independently Owned and Operated.

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