Devoted to interest rates, loans, and lending institutions

Last week I wrote about what mortgage lenders use your credit score for. This prompted a question from a reader: "[H]ow important is your credit score itself when lenders try to determine eligibility and rates? What other factors do they consider?"

Answer: VERY important.

In fact, the only thing that might have more weight to mortgage lenders when determining your eligibility and your terms is your debt-to-income ratio.

Other factors include:

1. How long you have had your current job
2. Extenuating circumstances with regard to poor credit
   

That's it. For a home mortgage, almost your entire fate rests with how much you make in comparison to how much debt you have, and your credit rating.

Tomorrow: debt-to-income ratio.