Answer These Questions and Earn Your 30 year fixed mortgage rate in Arlington
A 30 year fixed mortgage rate in Arlington comes with loads of benefits. First, you enjoy low interest rates on your mortgage. You also don’t get the pressure of paying high deposits typical of the Arlington 7/1 arm rate. You are allowed to make additional payments on your 30 year mortgage thus shortening your loan life. You can also switch to a higher mortgage (Arlington 7/1 arm rate) and get low interest rates. This is as long as you meet the lender requirements. But, before you get to enjoy the 30 year fixed mortgage rate in Arlington, you will need to answer a few questions from your lender.
What is your Salary?
You are sure to get this question from a lender. When they ask you this question, what the lender simply wants to know is your income is good enough to get a mortgage. If you earn $50,000 per month then you may be eligible for a mortgage loan of slightly over $200,000. This will depend on whether your job is part-time or fulltime. To earn your 30 year fixed mortgage rate in Arlington, make sure that you apply for the loan if you have been at your current job for two or more years. Revealing the additional bonuses you get on and off work are also important revelations.
What is your Debt Status?
You may be encouraged to know that lenders like borrowers who have debts. The only thing they need to see is that you’re a faithful borrower. A faithful borrower can be trusted to settle a 30 year fixed mortgage loan. Your lender will also look at your debt to income ratio to see if you qualify for a 30 year fixed mortgage rate in Arlington. So avoid overdrafts and payday loans.
How much you spend on your leisure activities is a minimal, but otherwise important factor when looking to get a 30 year fixed rate loan. Your lender will look at your spending to see if there is a trend of overspending.
Did you save to get your loan deposit?
This question is mostly used by lenders to test if one is financially disciplined. This means you can get low Arlington 30 yr mortgage rates as compared to saying that you got a gift donation to get a mortgage.
Your loan History
If you have a bad credit history then you may have limited options to accessing a loan. But if your loan history is good then you will get favorable Arlington 30 yr mortgage rates.
Any Children?
Children are expensive to raise. Lenders know this and that is why they ask this question. The question is meant to see if there are any expected changes on your personal life that may upset mortgage loan payment.