Katy Cooper Real Estate

When applying for a mortgage, it’s important to know what lenders are looking for in your application. They’re not just looking at your credit score- they’re considering multiple factors to assess your financial stability. Here’s what to focus on!

📊Credit Score
Your credit score is one of the most important factors in your mortgage application. It gives lenders an idea of your creditworthiness and how likely you are to repay your loan. A higher score means better loan options and lower interest rates.

💰Income and Employment History
Lenders want to see that you have a stable income to cover your mortgage payments. They typically ask for pay stubs, tax returns, and bank statements to verify your income. Having steady employment is key to showing you can manage a mortgage.

🏡Debt-to-Income Ratio
Your debt-to-income (DTI) ratio is the percentage of your income that goes toward paying debts. A lower DTI ratio shows lenders that you have enough income to comfortably manage your mortgage along with any existing debts.

🔑Down Payment
A larger down payment can improve your chances of approval. It shows lenders that you’re financially responsible and reduces the lender’s risk.

Understanding what lenders are looking for can help you better prepare your mortgage application and improve your chances of approval. Ready to start the process? Let’s connect!

Every situation is unique and not all repairs are created equal! It’s important to look at all the pros and cons. I’m here to guide you through the process and help you make the best decision for your goals. ✨🏡

Should You Sell Your House As-Is or Make Repairs? A recent study from the National Association of Realtors (NAR) shows most sellers (61%) completed at least minor repairs when selling their house.

Aw yes! I completely agree with some of these!

"It Was The Worst Decision Ever": Homeowners Are Revealing The "Never Again" Home Splurges They Made And Sorely Regret — BuzzFeed "We have no business getting a pool. I don't know what we were thinking."