Top 10 Questions I Ask Borrowers

Let's face it. Lenders don't know us from Adam or Eve, so the only way they can tell how big of a risk we are to them is by measuring us up against a set of guidelines. I call these the 4 C's of Lending.

Here's a list of the top 10 questions I ask my borrowers to determine if they measure up to those guidelines:

1) Do you know what your current credit score is ?
2) Do you have any lates, charge-offs or any kind of delinquencies on your credit cards, auto loans, student loans, etc.
3) Did you co-sign for anyone's loan?
4) How much debt are you carrying right now (especially on your credit cards, auto loans, student loans)?
5) Have you had a bankruptcy or foreclosure?
6) Are there any type of liens against you ?
7) What is your gross annual income ?
8) How much money do you have in a savings/checking account or CD ?
9) If you have a 401k, how much is in it ?
10) If you have stocks or bonds, how much are they currently worth ?

These ten questions merely scratch the surface. The best way to determine whether you qualify and what you qualify for is to actually talk to a trusted mortgage advisor about your particular situation.