Mortgage loan, the basic primer
Basically, the qualification process determines if the lender is willing to lend to you and the amount of money you can borrow. By understanding the process, you will be in a better position to qualify for the amount you need for your home loan. EMPLOYMENT AND INCOME The lender uses several measures to determine your ability to repay the home loan you are requesting. First, they will want to know that your employment history is stable. Have you worked for the same employer for two years or more? If your current employment has been less than two years, a lender will look for other signs of stability, such as years with a previous employer or in the same field.