What are you asked when shopping for a loan?

What are you asked when shopping for a loan? I will not be tired to repeat that before starting to search for a property you should talk to a couple of lenders to make sure that you can get a loan. IT HAS BECOME VERY DIFFICULT TO CLOSE A LOAN! These are the questions that any experienced loan officer should ask you (+your spouse)- so be prepared for your conversation:
1. How much of a mortgage payment do you think you can you afford? (a payment range including taxes and HOA or condo fee).
2. Are you buying the property as a primary, 2nd home, or investment property.
3. Is the property a SFhouse, townhouse, or a condo?
4. How long have you (+ your spouse) been on your current job.
5. Are you hourly, salary, or self-employed. (how are you paid - twice a month or every two weeks)
6. Do you pay or receive child support/separate maintenance.
7. Have you had any bankruptcies or foreclosures in the last 7 years.
8. What are your total assets to include checking, savings, 401-k, stock options, etc, etc. And how much of this do you want to use.
9. Do you rent and or own - how long have you been there. Do you pay by check, cash, money order. And have you ever been 30 days late in the last 12 months.
10. What are your total debts?
By all means, tell a loan officer if your credit was pulled in the last month or so, and if so, give him your credit score. He does not have to check your credit and lower your score if you can give him all these answers. Good luck! Need help? Call or email me.