Your Financial Situation

Both your current financial situation plus past bill-paying play a large part in a lender's decision to approve a home loan. Because we’re as eager to say “yes” as you are to hear it, at Countrywide Bank’s Full Spectrum Lending Division, our job is to help you understand a loan's financial requirements. The first step is simply knowing what they are.

Financial considerations:

Here are the 3 areas lenders look at and some questions they ask themselves when reviewing your application and paperwork.

• Cash on Hand — Does this customer have money available for closing costs and a down payment (if purchasing)?
• Ability to Repay the Loan — Will this customer earn enough money now and in the future to make home loan payments? Is there so much other debt, like credit card balances, that the mortgage payment being considered will be difficult to pay?
• Credit History — Has this customer paid bills on time in the past?

Things You Can Do If You Have Little Cash On Hand:

If your bank accounts are slim, consider this: most lenders allow down payment or closing cost money to come from gifts. At Countrywide, you may also qualify for a low down payment program that offers reduced cash-on-hand requirements.

Have a lot of debt? Reduce it by paying off your credit cards and other debts if you can—and definitely hold off on making other purchases or credit applications until you have your new home loan. If you’re refinancing, consider a home refinance loan that allows you to consolidate your debts.

Need to improve your credit? There are many steps you can take to improve your credit. Planning and financial management skills are easier to learn than you may think. At Countrywide Bank’s Full Spectrum Lending Division, if you have a sub-prime mortgage with another lender, you may qualify for a prime loan with us.

If you're looking for a more personal connection, give one of our helpful Home Loan Consultants a call at 1-800-909-8217. They’re eager to assist you with any questions you have about debt consolidation or rebuilding your credit. Countrywide may also be able to offer other suggestions to improve your financial situation so you have the best chance to be approved for a home loan.