Most importantly, this information can affect your total income level and subsequent loan approval amount, as calculated by the lender. (pennymacusa.com)
Often, prompt payments will also qualify you for lower interest rates on subsequent loans. (inc.com)
A loan to purchase a home is usually the first mortgage lien recorded on a property; subsequent loans depend on the amount of owners» equity in the home and generally require a new appraisal. (usbank.com)