3 Questions You Need to Answer to Get a Mortgage

If you’re like most people, you don’t have cash lying around waiting to buy a home in Lakewood or Long Beach. Instead, you’ll need to get a mortgage loan from your bank or another lender.

And as part of that process, you’ll have to answer some questions. (Actually, you’ll have to answer a lot of questions.) These are three of them:

  • Have you changed jobs recently?

  • How much cash do you have on-hand?

  • What’s your life situation like?

Let’s take a closer look at each of these.

#1. Have you changed jobs recently?

Lenders want to see stability when they’re considering extending you credit, which means if you’ve recently changed jobs, you might have a harder time getting a mortgage loan. Sometimes people run into issues when a new employer pays differently from the last employer, too.

#2. How much cash do you have on-hand?

Lenders want to see that you have enough cash to pay for your down payment, closing costs and everything else related to buying a home. Keeping cash in reserve is also important to lenders.

#3. What’s your life situation like?

Big changes in your life - like divorce, for example - can make a difference in your loan approval. It’s a good idea to keep your loan officer in the loop so you can avoid major snags during the approval process (and avoid being denied at the last minute).

Are You Buying or Selling a Home in Lakewood or Long Beach?


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