Important Factors •
Credit History – Most lenders want to see a credit score of 680 or higher, and if yours isn’t ideal you may be eligible for programs to help build it back up again. Every lender or broker will take a look at your credit history as part of the qualification process.
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Property Choice – As Select Mortgage explains, your choice of property plays a role because it is basically the lender’s security against the amount of the loan. Lenders want to know that the property is worth the loan amount, and that it could sell quickly if it ever came to that.