In addition to using a mortgage calculator, a complete understanding of the factors which influence the decision making of the lender helps to prepare for the mortgage application. Before applying for the mortgage, if the applicant performs some ground research of the reasons which can cause a mortgage application to be turned down, it will help him to prepare for the transaction.
The information provided in the mortgage application and the data extracted from the credit report forms the basis of the lender’s decision regarding approval or disapproval of the mortgage loan. The credit and its repayment history provided in the credit report enables the lender to ascertain that possibility of recovering the loan timely as per the repayment schedule. A good credit score persuades the lender to approve the mortgage application. Consideration of all such factors from the point of view of the lender assists in making the necessary arrangements before applying for a mortgage application, so that the application is accepted and there are no impediments which cause the application to be rejected. This info plus using a mortgage calculator will put you in the best possible situation.