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WHAT THE LENDER
LOOKSFOR
When you have found the house you want to buy, your next step is to find a bank or other financial institution to lend you the mortgage money. Knowing die requirements of die lender is your best preparation.
For instance, die loan officer at the lending instiutxm will ask for details about your income. He will want to know what your take-home pay is and will want to be assured that it is dependable, continuing income. He will also want to know about your living costs and other monthly expenses as well as any debts that may affect your ability to make mortgage payments.
If your spouse works and expects to continue to work, that will also count as part of your effective income. Your ability to assume a mortgage depends on other factors as well, such as die house’s potential as an investment. That’s why finding the best house for the money is so important. Why not call us for an appointment so we can show you what we have to offer.
If there is anything we can do to help you in die field of real estate, please phone or drop in at EILEEN M. DAY, Realtor, The Clopton House, Washington, Va. 22747. Phone: 675-3400. We’re here to help.
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