There are a few basic requirements or demands from the mortgage lender`s side and only on fulfillment of all these would a loan application get approved and the borrower would become eligible for the loan. All these are basic requirements that would stand by the borrower for becoming eligible and suitable for the amount that is to be distributed to him in the name of borrowing. All these are to support him in his affordability, evidence showing his capability in repaying the amount without a default etc… A premium customer service mortgage broker in Texas will have the following to ask you if you are going for a mortgage loan with him.
- A detail about the assets in your possession. This is mainly to assure the lender that in case of any default in the mortgage payment, the borrower has other sources from where the amount could be tapped.
- A clarity about the debts outstanding. This brief would help the lender in deciding whether the borrower is eligible for the loan at all and what would be his capability in paying back the amount taken as loan from him. The records about the debts and their history would clearly explain the credibility of the borrower.
- A detailed credit report. This is another proof assuring his capacity and capability in paying back the loan amount. A credit report or a statement is a list of all the debts taken by the borrower so far including the ones that have been settled and this mainly comes out with the inference stating his repaying capacities. This will also show his promptness in the repayment.
So these are some of the important and basic documents required and demanded by the lender before agreeing to lend money to the borrower in the name of the mortgage loan.