With all the circulating news about rising mortgage rates as 2014 approaches, potential home buyers are scrambling to meet with dependable South Carolina mortgage lenders to find out which of the mortgage lenders could offer the best suitable loan package for the house they want. How mortgage applicants respond to the the lender's questions will largely determine their chances for qualifying for the loan.
As the article on the Home Loan Learning Center recommends, mortgage lenders pay close attention to the way the applicant earns and spends his or her money:
Your lender will also consider the relationship between your income and expenses. Generally, your fixed housing expenses (mortgage payment, insurance and property taxes, but not repairs or maintenance) should not be more than 28 percent of your gross monthly income, although this is not an absolute rule. Your lender will also consider other long-term debts, such as car loans or college loans.
http://south-carolina.churchillmortgage.com/info-article/dependable-south-carolina-mortgage-lenders-prefer-clean-credit-records/
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