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You are here: Home / Blog / Tips for Home Buyers

Applying for a mortgage? Be prepared for these questions

July 28, 2020

Applying for a mortgage? Be prepared for these questions

When you apply for a mortgage, you expect your lender to have some questions. But the truth is, your lender is going to have a lot of questions — and if you know what to expect before you start the application process, all of those questions can feel a lot less jarring and invasive.

A recent article from Realtor.com outlined a variety of questions you should expect when applying for a mortgage, including:

  • What is your credit score? Your credit score will, in large part, determine the interest rate on your mortgage. Your lender will no doubt run your credit report in the process of getting you pre-qualified, but it’s a good idea to know what’s on your credit report before the lender does.
  • Do you have a sufficient credit history? Your credit score is important, but so is your credit history. Your lender wants to see a variety of credit types and a long history of on-time payments.
  • How much cash do you have on hand? Lenders want to know that you have enough cash on hand to cover your down payment, inspection, and closing costs. In order to show them you have enough cash, you’ll need to provide a variety of financial documentation, including bank statements, a break down of your assets, and, if you’re accepting money from parents or other family members, a signed letter saying the money is a gift.
  • How much debt do you have? Even if you have a lot of cash on hand, if you also have a lot of debt, it’s going to make a lender nervous. When you’re applying for a mortgage, your lender will need to see a breakdown of any and all debt, including credit card debt, student debt, and car loans, which will help them make a decision on your eligibility for a loan.

What does this mean for you? When you apply for a mortgage, part of the process involves answering a variety of personal financial questions — but if you know they’re coming (and prepare for them in advance), the process (and the questions!) will feel a lot less stressful.

Filed Under: Tips for Home Buyers Tagged With: Credit, FICO Scores, Home Loans

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"We found Russ to be an excellent Realtor. He was so easy to work with, very professional and thorough. He was always prompt to respond to our calls and emails. We were a bit nervous at first, because we were out of town buyers, but Russ quickly put us at ease. He sent us many potential prospects but he was never pushy. It was so nice to work with someone so honest. We would highly recommend using Russ to anyone who was looking to buy or sell."
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Russ Fortuno, Associate Broker

I'm a Southern Arizona native and year-round Green Valley resident. Whether you’re buying or selling a home in the Green Valley or Sahuarita area, you’ll experience unsurpassed service and professionalism at all stages of your real estate transaction. I welcome the opportunity to assist in your next home sale or purchase.
Meet Russ

Tierra Antigua Realty

18745 S. I-19 Frontage Rd., Ste. A105
Green Valley, AZ 85614
(520) 333-0446
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