As a local Myrtle Beach REALTOR®, one of the questions I get asked the most is what do I need to get a mortgage. People want to know what the bank looks at to determine if they can or cannot get a loan.
Below is a great explanation by Erica Davis, a Sr. Loan Officer with Guild Mortgage here in Myrtle Beach. She explains exactly what an underwriter looks at to determine if someone will get a loan approval or not.
To review, the five main things an underwriter reviews is:
- Cash Flow
- Credit Score
- Job Stability
- Assets
- Property
I hope this helps many of you who might have had this question regarding getting a loan to buy a home here in Myrtle Beach. If you have more questions about Myrtle Beach real estate, feel free to contact me. If you still have questions about getting a mortgage, I would highly recommend reaching out to Erica. She would be more than happy to help you in securing a loan to purchase a home. Her contact information is below.
