Page 43 - The Latest Homebuying Guide
P. 43
www.thelateshomebuyingguide.com
Your income plays a very important role in helping lenders decide
how much you can borrow or home much you can afford to pay
monthly for a home. You must report your income truthfully, so
that it can count in your favor for lenders.
Assets and Liabilities
Have a list of all your assets and liabilities. Your assets are those
items of value that you own. These include cash in the bank,
investments, real estate, retirement funds, trust funds, cars, and
other personal property. This will be placed against your liabilities
such as loans, credit card balances, mortgages, student loans, child
support, alimony, and anything else that you owe, financially.
Important Declarations
When applying for a mortgage, lenders will seek to find out the
following:
● Outstanding judgments such as bankruptcies, foreclosures, and
lawsuits
● Defaults or delinquencies on any federal loans
● Child support and alimony
● Money borrowed for downpayment
● Whether you are a co-signer on other debts
● Your residential status
● Ownership in other properties
● How you will be using the property
Have this information ready at your fingertips, and speak truthfully.
43
