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  • Please answer all questions to receive your Mortgage Readiness Score.

    Progress:

    1

    Are you currently employed?

    Yes No

    2

    Do you have any employment gaps in the past 2 years?

    Yes No

    3

    Has your income declined over the past year?

    Yes No

    4

    Can you document your past 2 years of income?

    Yes No

    5

    Do you receive commission or bonus income?

    Yes No

    6

    Have you filed your past 2 years of income taxes?

    Yes No

    7

    Have you changed jobs in the past 2 years?

    Yes No

    8

    Are you self-employed?

    Yes No

    9

    Are you in the same line of work for the past 2 years?

    Yes No

    A Mortgage Lender is interested in your employment stability and your qualifying income. 

    The relationship between your income and your expenses will be of great importance. This is called your Debt to Income Ratio (DTI). Your DTI can determine what type of loan you are qualified for and can impact your money needs to purchase a home. 

      

    Please answer all questions to receive your Mortgage Readiness Score.

    Progress:

    1

    Have you began saving for down payment?

    Yes No

    2

    Do you have a 401k or other retirement accounts?

    Yes No

    3

    Will you receive gift funds for down payment or closing costs?

    Yes No

    4

    Do you receive infrequent large deposits into your checking or savings accounts?

    Yes No

    5

    Are you planning on using cash that is not deposited into a banking institution?

    Yes No

    6

    Can you provide documentation for any deposit within the past 2 months?

    Yes No

    7

    Will any of your funds come from a business account?

    Yes No

    Before you contact an Agent or Lender, you should have an idea of the type of loan you can quality for to estimate down payment needs.

    In addition to downpayment, you must be prepared to have enough funds for closing costs. These costs include Lender fees, taxes, insurance, title fee’s, etc. 

     

    Please answer all questions to receive your Mortgage Readiness Score.

    Progress:

    1

    Is your credit score above a 620?

    Yes No

    2

    Can you document your last 12 months of rent or mortgage history?

    Yes No

    3

    Do you have credit cards or other revolving accounts?

    Yes No

    4

    Do you have student loans that are in default?

    Yes No

    5

    Did you open your first credit card or installment loan more than 5 years ago?

    Yes No

    6

    Have you opened more than 3 new credit accounts in the past 12 months?

    Yes No

    7

    Do you have any late payments in the past 2 years?

    Yes No

    8

    Is the balance of your credit cards more than 50% of their credit limits?

    Yes No

    9

    Any collection accounts on your credit report?

    Yes No

    10

    Any unsatisified tax liens or judgments on your credit report?

    Yes No

    Your credit score is used to predict your ability to repay the mortgage obligation. Generally, those with higher scores quality for loans with more favorable terms.

    If you have had past issues with your credit, no worries. Get Mortgage Ready can help improve your scores.

    Those with good credit scores can still be declined if certain items appear on your report. Identifying issues in advance can be the difference between a loan approval or denial!

    Your Mortgage Readiness Score

    Click on score for more information

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