|When considering buying your first home, I am sure you will have many questions. I hope to give you some insight to what lenders are most importantly looking for when qualifying for a mortgage.
1. What’s the best rate I can get?
The rate that you receive depends on a number of things. I get a lot of clients that are what I like to call “rate sensitive” this means that they are fixated on the lowest rate and don’t understand why they may not be able to get the advertised rate.
A number of those rock bottom rates you see advertised have conditions to them. For instance they may be only for a 30 day quick close, or they may not be portable.
Some factors that determine rate are employment (self employed, full time, part time, etc.) credit score, down payment, income and more.
Until a full application’s been received and credit has been checked you cannot be guaranteed a rate.