The number
of mortgage loan applications surged 8.2 % last week over the first week of the month, as interest rates fell on 30 - year fixed - rate mortgages to lows between 3.74 % and 3.83 %, according to the Mortgage Bankers Association.
Well, none of them will come as a great surprise, with employment security and income, the size of the down payment, and recent credit history all playing a part in the
fate of a mortgage loan application.
Mortgage lenders often consider «substantial cash reserves» as a «compensating factor» if other parts
of a mortgage loan application seem marginal or close to the limits of what can be approved.
Part five
of the mortgage loan application will request information relating to your income and housing expenses.
Now we come to part four
of the mortgage loan application, which has to do with your employment status.