What Lenders Want from Mortgage Applicants
Basically, lenders don’t want to take any risks when it comes to their investments. This applies to when they are approving mortgages too. A mortgage lender Los Angeles will give you the interest rate that goes with the amount of risk that they are taking when they loan you money. They want to see a person that has a low debt ratio. They want to see a history where you have been making on time payments and you have not maxed out your credit cards.
Mortgage Lenders in Los Angeles look at many different things on your credit report such as the amount of debt that you have, the amount of credit that you still have with each lender, the length of your credit history and how much new credit you are trying to get.
In addition, some lenders have different viewpoints when it comes to certain kinds of credit. They see certain kinds of credit as being more risky than others. For example, most lenders would agree that store credit cards are not seen in a good light.
Although you shouldn’t have to worry about Los Angeles home lenders seeing store credit cards on your credit report, a manual check of your credit report might just give certain lenders a specific perception of your credit makeup. Basically, store credit cards are not as hard to get as major credit cards. So they do not have as good of a reputation as major credit cards do.
For more information on getting the best mortgage possible call an expert mortgage broker in Los Angeles at Yousif Mortgage Services at: (310) 252-7268.