How Do Mortgage Lenders Evaluate Loan Applications?
Mortgage lenders receive many loan applications every week from people who want to borrow money to buy homes. A lender might approve some applications, but they won't approve all of them. Why is this? Lenders must evaluate loan applications through a series of steps to ensure that the borrowers are creditworthy. You might wonder how they decide who to lend to, so you might want to research this before applying. Here is a guide to help you learn the answers.