If you are nervous about the home loan process of today, you’re not alone. Most consumers understand that banks are decidedly more particular when it comes to lending money to home buyers, but not many people thoroughly understand all of the factors that go into the process of determining whether an individual is qualified to borrow money from the lender.
Here is a list of the main factors considered by lenders when determining home loan approval:
- Your Debt Load – Many consumers of today carry a high burden of debt when compared to their income. Although you may have religiously made payments to all of your creditors in the past, the sheer amount of your debt could prevent you from obtaining a home loan. Lenders consider debt load because it