What is your financial standing? The mortgage lender will also want to know how you treat your credit cards.

Your Relationship with Your Lender

Your lender will want to have a positive relationship with you, and you should want the same from your lender.

One thing the lender will do is ask you questions about many different aspects of your financial life in order to know how better to assess you and your needs. The following are some of the subjects that the questions will be about. When they know how to handle your mortgage they will also know how to handle your bad credit home refinance. Here is what you can expect to hear from those lenders.

Your Employment

What is your financial standing? This means do you have a job, how long have you had a job, what is your income, and how steady is your income? All these questions are aimed at finding out how financially stable you might be. They want you to prove to them that you are a perfect candidate for a loan and that you will not take their money and then default. If you have a full time job that is salaried then that is perfect for them. If you are only working with an hourly rate at the moment then you will probably need to show them more proof that you will be able to handle the loan. All these questions will help them decide the best interest rate to give you.

Your Down Payment and Home

They will also want to know how much money you will be putting down for the house. Like we stated before, this will be a big factor in deciding your monthly payments and interest on the overall mortgage. The larger the down payment the better, but you must only put down the amount of money you know that you can afford. The lender will then ask you how you will plan on using this house. Will you be personally living in the house or are you going to use it to rent out? Is this a house that you plan on staying in for a long time or only for a few years? These are just some of the questions they will ask in regards to the house.

Your Other Debts and Loans

Finally they will want to know about your other debts as well as loans you might have withstanding. When they know this they will have a better idea of how you treat the money you are lent. They will scoff at the idea of you having a large amount of debt that gives you trouble each month. They want to know that you can pay back money you are given in a reasonable amount of time. If you have a lot of loans already then they may not want to add to that growing amount. The mortgage lender will also want to know how you treat your credit cards. If you are responsible with your credit then you will be looked at favorably.

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Why you should refinance your home. The best mortgage moves you can make.