Mortgage loans are those loans that you take when you put your house (the one you plan on buying) up as security. A mortgage lender offers you the funds you require in exchange the lender technically owns your home till you repay the sum borrowed. Since the mortgage lender is risking quite a bit of money on each loans that he approves, the mortgage loan application requires you to fill out a long list of pointed questions that border upon interrogation.
If you are looking out for a mortgage loan to help you make ends meet, here are some of the important, yet basic questions; you need to be prepared to answer:
– What are your assets? Along with your proof of income (of all sources of income), the mortgage lender requires an analysis of your assets. This reassures the lenders that the chances of you defaulting on the loan are less.
– Do you have any outstanding debts? Outstanding debts are obligations that you need to pay off before you can repay your mortgage loan. If you have any pending debts, the chances of getting a mortgage loan may reduce, or the interest rate charged may increase.
– How much funds do you have saved up for the down payment? When you have larger mounts for the down payment on your new home, the lender is more likely to approve your loan and offer you a competitive rate. It also assures the lender that the chances of you defaulting on the loan are less.
There are many reputed lenders who offer mortgage loans. Finding a good mortgage lender in Salt Lake City depends on how you find them. Ask friends and family to recommend a good mortgage lender, or check the local and online directories for listings.
Make sure to read client feedback and level of satisfaction before choosing a lender.