SGTaeHee
Answered

Maligayang pagdating sa Imhr.ca, kung saan maaari kang makakuha ng mga sagot mula sa mga eksperto. Kumonekta sa isang komunidad ng mga propesyonal na handang tumulong sa iyo na makahanap ng eksaktong solusyon sa iyong mga tanong nang mabilis at mahusay. Maranasan ang kaginhawaan ng paghahanap ng eksaktong sagot sa iyong mga tanong mula sa mga bihasang propesyonal sa aming platform.

What do you think is the reason why banks needs a numerous requirements than Nonbanks in dealing a loan application?​

Sagot :

gabrielverdadero

Answer:

1. Your credit

Nearly all lenders look at your credit score and report because it gives them insight into how you manage borrowed money. A poor credit history indicates an increased risk of default. This scares off many lenders because there's a chance they may not get back what they lent you.

Scores range from 300 to 850 with the two most popular credit-scoring models:

The FICO® Score

The VantageScore

The higher your score, the better. Lenders don't usually disclose minimum credit scores, in part because they consider your score in conjunction with the factors below. But if you want the best chance of success, aim for a score in the 700s or 800s.

2. Your income and employment history

Lenders want to know that you will be able to pay back what you borrow, and as such, they need to see that you have sufficient and consistent income. The income requirements vary based on the amount you borrow, but typically, if you're borrowing more money, lenders will need to see a higher income to feel confident that you can keep up with the payments.  

You'll also need to be able to demonstrate steady employment. Those who only work part of the year or self-employed individuals just getting their careers started may have a harder time getting a loan than those who work year-round for an established company.

3. Your debt-to-income ratio

Closely related to your income is your debt-to-income ratio. This looks at your monthly debt obligations as a percentage of your monthly income. Lenders like to see a low debt-to-income ratio, and if your ratio is greater than 43% -- so your debt payments take up no more than 43% of your income -- most mortgage lenders won’t accept you.

You may still be able to get a loan with a debt-to-income ratio that's more than this amount if your income is reasonably high and your credit is good, but some lenders will turn you down rather than take the risk. Work to pay down your existing debt, if you have any, and get your debt-to-income ratio down to less than 43% before applying for a mortgage.

Pinahahalagahan namin ang iyong pagbisita. Sana'y naging kapaki-pakinabang ang mga sagot na iyong natagpuan. Huwag mag-atubiling bumalik para sa karagdagang impormasyon. Umaasa kaming naging kapaki-pakinabang ang aming mga sagot. Bumalik anumang oras para sa higit pang tumpak na mga sagot at napapanahong impormasyon. Maraming salamat sa paggamit ng Imhr.ca. Balik-balikan kami para sa mga kasagutan sa inyong mga tanong.