Texas Lone Star Lending Video
5 Surprising Factors That Affect Your Loan Approval
In this week's 5-Point-5, we'll reveal 5 surprising factors that affect your loan approval.
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Read the transcript
1st point: Job changes - By law we have to verify your ability to repay the mortgage. Frequent job changes creates uncertainty about whether your current income is going to continue.
2nd point: Large bank deposits - Your ability to repay also depends on your other debts. Our concern is that that deposit could be a cash advance from a credit card, so we'll ask you to help us explain recent large deposits.
3rd point: Credit inquiries - A credit inquiry occurs when you're seeking a loan. The inquiry could simply reflect you being a smart consumer, shopping for the best rate, but we have to ask to make sure.
4th point: New credit accounts - A new car loan or credit card that doesn't appear on your credit report doesn't have to be a big deal. We'll just ask you to help us document the current payment.
Last point: Being self-employed - Being self-employed means being in charge of your own income. We have to document that income is consistent and likely to continue.