Your Financial Status and Loan Options with Honolulu HomeLoans
When a lender makes a decision about a mortgage application, they consider many basic factors: all based on your ability to repay the loan. To ensure your loan is truly affordable, a lender will verify your employment and income. Next they will consider your monthly “Debt to Income” ratio which consists of your total income, minus monthly credit payments and other debts will also be considered.The paperwork you will need to gather will include pay stubs, tax forms and bank statements at minimum. Next, they will place great emphasis on your credit score which they see as representing your willingness to pay back your debts.
Viewing Your Options
Their loan options include conventional loans with fixed rates, adjustable rates, jumbo mortgages, FHA loans, VA loans, USDA loans and down payment loans for first time buyers. Each has its own characteristics and the sight provides short descriptions with pros and cons bulleted under each description. Each has its own characteristics but they are all subject to evaluation in relation to your own financial situation. Beyond that, there are the costs of the loan as far as fees and service charges. Those costs are not as clearly described or centered in this company’s description of their services. Remember, all retail home loan companies charge you for the privilege of their expertise and service in setting up, evaluating and processing the loan application.