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Arti     is your connection between the  Mid-Peninsula  and the  San Francisco Bay Area.  Please call Arti at 1-800-659-1454  ...     for all your Real Estate Needs.

What a Lender Looks for

• Your income
• Your savings
• Your debts
• Your credit history
  
  These items are indicators of your purchasing power. Lenders analyze them 
  to assess your credit risk and ability to pay back the loan. You can 
  improve your chances of convincing a lender you are a good risk by doing the following:
  

• If you expect to receive a raise this year, ask your employer to verify this.
• Persuade your employer to increase your salary in exchange for decreasing your bonus or profit sharing. 
• Lenders weigh salary more heavily than bonuses and profit sharing.
• Consider moving to a higher paying position at a different company.
• If your spouse is unemployed or in school, have your spouse find a job.

• Reduce your expenses.
• Defer major purchases.
• Do a monthly budget and stick to it.
• It trains you to save regularly. 
• A good computer
• A finance software package can help you develop a budget.

• Pay-down outstanding loans if they do not have a pre-payment penalty. 
• However, keep in mind that most loan programs require a 3% - 5% down payment and not all loans will have to be paid off.

• Make all loan and credit card payments on time.
• Keep careful track of your checking account balance so you don't bounce a check 
  accidentally.
• File all local, state and federal tax forms and pay all applicable taxes on time.
• Correct any credit problems. (See Reviewing Your Credit History)
• Whatever your situation, it is best to consult with your mortgage loan specialist before buying your new home.

[ Home ] [ Up ] [ Sellers ] [ References ] [ Buyers ] [ MLS-Search ] [ Cities and Schools ] [ Homes Sold ] [ Contact Me ] [ Directions ]

Arti Miglani

Alain Pinel Realtors,  578 University Avenue, Palo Alto, Ca 94301.  

Direct: 800-659-1454  Fax: 650-323-1143