Reliable Home Loans By Hennig

 ​(609) 262-2399

 ​​​​100 High St Mount Holly NJ 08060

read it more

What is a Home Loan?

A home loan, also known as a mortgage, is a financial product that enables individuals to purchase a home by borrowing money from a lender. The loan is secured by the property itself, meaning the property serves as collateral for the loan. Home loans typically have a long-term repayment period, usually spanning 15 to 30 years.

What Do I Need When Applying for a Home Loan?

When applying for a home loan, there are several requirements that lenders typically consider:

Good Credit Score

Lenders assess the borrower's creditworthiness by reviewing their credit score and credit history. A higher credit score indicates a lower risk for the lender and increases the chances of loan approval.

Stable Income and Employment:

Lenders want assurance that borrowers have a stable source of income to repay the loan. They usually require proof of steady employment and income through pay stubs, tax returns, or bank statements.

Down Payment

Most home loans require a down payment, which is a percentage of the home's purchase price paid upfront. The exact amount varies depending on factors such as the loan program and the borrower's credit profile.

Debt-to-Income Ratio

Lenders consider the borrower's debt-to-income ratio, which compares their monthly debt obligations to their income. A lower ratio signifies a borrower's ability to manage additional debt and increases the likelihood of loan approval.


Borrowers need to provide various documents during the application process, including identification, income verification, tax returns, bank statements, and details about the property being purchased.

Appraisal and Home Inspection

Lenders typically require a home appraisal and inspection to determine the property's value and ensure it meets certain standards.

Meeting these requirements and providing the necessary documentation helps lenders assess the borrower's eligibility and determine the loan amount and terms. It's important to note that requirements may vary among lenders and loan programs, so it's advisable to consult with mortgage professionals to understand the specific requirements for your home loan application.


100 High St Mount Holly NJ 08060

Call Now!

(609) 262-2399

contact form

Thank you! Your message has been sent.
Unable to send your message. Please fix errors then try again.