Credit 101 - Factors Affecting Loan

Factors Affecting Lending Decisions


Thinking about a home loan, but concerned you may not be approved by a lender? Wondering whether you can do anything about it? Knowledge is power. The more you know about lending decisions, the more confidence you gain.

Factors affecting lending decisions:

These are the 4 major elements that affect how a lender decides whether or not to loan you money. Click one to find out more.

  • Your Financial Situation
    Lenders like to know you can repay the loan without going broke and that you're a good credit risk.
  • The Home You're Buying or Refinancing
    Is the home worth the money you're paying for it? Lenders have to know this in case they end up with the property.
  • The Type of Loan
    Each type of loan has its own rules for qualification. Where one loan might not work for you, another might.
  • The Lender
    Not all lenders are alike. Some have more flexible guidelines than others and different lending philosophies.

 

 

 

 

 

 First Capital Mortgage background extends to: stated income loans, Fixed rate Loans, ARM, Adjustable rate loans, zero down, reverse mortgage loans, no point no fees loans, home equity line of credit, heloc, prime rate, mortgage, borrow, no money down, home value, interest only, 40 year loans, escrow, PMI, private mortgage insurance, credit score, and bimonthly payments.

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First Capital Mortgage background extends to: stated income loans, Fixed rate Loans, ARM, Adjustable rate loans, zero down, reverse mortgage loans, no point no fees loans, home equity line of credit, heloc, prime rate, mortgage, borrow, no money down, home value, interest only, 40 year loans, escrow, PMI, private mortgage insurance, credit score, and bimonthly payments.