Each online lender has different application requirements. For example, if you visit LendingTree.com which is one of the internet’s better known lenders, they have revealed a checklist of items to bring with you when you are ready to sign up.
They are:
- Social Security Number of All Borrowers: Lenders use your social security number to access your credit record which contains information about your income, debts and credit payment history.
- Current Mailing Address and Number of Years You Have Lived at This Address: This information will be compared against your credit record to determine if your rent or mortgage payments have been made on time each month.
- Property Type of the Home You Are Purchasing: Lenders need to know what type of home you are purchasing because you’re home becomes the collateral for your mortgage in the event that you default on the loan.
- Purchase Price, Down Payment Amount and Amount You Wish to Finance: This combined information helps lenders determine the type of mortgage that may be best for your needs.
- Employment Information: Lenders normally like to see that you have been with the same employer for a few years or at lease in the same line of work to demonstrate career stability.
- Total Monthly Income and Debt Payments: Your income and debt payments illustrate your debt-to-income ratio which is the amount of money you owe each month compared to the amount of money you make. This ratio helps lenders to understand your total financial situation.
- Total Liquid Assets: Lenders are interested in the amount and value of any assets you may have to help them judge your ability to make loan payments from available cash.
