
As you prepare to apply for a mortgage, there are several questions you need to answer. So to help, here are 3 important questions you can ask yourself before applying for a mortgage that will increase your likelihood of approval.
#1 How Stable is My Income?
Your lender is going to want to know that your income is going to be stable over the life of the loan. This means that you should be able to document steady employment, that investment income is going to be stable, and that any income from other socurce (e.g., alimony) will continue for the foreseeable future.
To document your income, you can provide bank statements, pay stubs or tax returns from the previous three years.
#2 How Much Do I Have in the Bank?
A lender is going to be interested in how much reserve cash you have in the event of an emergency, such as losing your job or suffer an unexpected medical expense.
For a conventional mortgage, you may be required to have enough liquid assets to cover 3 – 6 months of living expenses, which you can prove by providing statements from financial accounts.
#3 Where is the Money for the Down Payment and Closing Costs Coming From?
Some lenders don’t mind if the money is gifted from a qualified source (such as a family member, friend or employer), but other lenders require that the money for a down payment or other costs comes from the borrower’s bank account.
To prove where the funds are coming from, you will need to show when the money was deposited into your bank account from your own funds, or provide a gift letter if the funds are being gifted.
Marimark Mortgage
Navigating mortgage options and requirements can be daunting for a borrower, but that’s where we can help a great deal.
As mortgage brokers, we act as an intermediary between you and the lending institution. Our principal job is to find a bank or a direct lender for your home loan, and get you the best possible mortgage for your specific circumstances.
We help clients save thousands every year by making informed decisions. And better yet, it typically doesn’t cost any more to use a mortgage broker compared to a retail lender.
When you start thinking about buying a home or refinancing an existing mortgage, please contact us. We would consider it an honor to help you realize your financial goals relating to home ownership.

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We especially focus on ways to save money on your current and future mortgages. And, we continually share the information we share with our clients, because we believe informed consumers are the best consumers.
Real estate agents, and other professionals in the industry, will receive an ongoing wealth of information that will help them serve their clients.