Different Mortgage Approval Components Offered By Mortgage Lender

 

Texas Premier Mortgage is a local Houston mortgage lender company. We offer experienced and local knowledge to get you the lowest rates and fees.

Different mortgage approval components:

Debt-To-Income (DTI) Ratio –

A borrower’s DTI Ratio is the size of their income to regular credit and housing liabilities. The lower the DTI ratio a borrower has the more self-assured the lender is about getting paid on time in the future based on the loan terms.

Loan-to-Value (LTV) –

Loan-to-Value is a term mortgage broker Houston uses when associating the difference between the outstanding loan amount and a property’s value.

Credit –

Credit score and history are used by moneylenders as a tool to regulate the possible risk related to a borrower. While lenders see multiple open lines with a minimum of 24 months reporting history, some loan options allow debtors to use other forms of credit to qualify for a loan.

Property types -

The type of property, and how you plan on dwelling in the residence, plays a major role in securing mortgage financing.

Mortgage programs –

Whether you’re looking for 100% funding, low down payment choices or want to roll the costs of promotions into a rehab loan, each loan program has its own qualifying guidelines. There are government protected loan programs, such as FHA, USDA and VA home loans, as well as conventional and jumbo financing.

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