Lending standards have toughened up since the Great Recession. Because of new lending standards and laws, namely the Qualified Mortgage (QM) Law, it is harder to get a mortgage now than it was ten years ago. This is a good thing. Less reckless lending means a safer economy.

It's a good idea to be able to answer these questions before shopping for a mortgage, with the documentation to back up your answers. Questions will include things about your residential history, such as: What is your current address? How long have you lived there? Other questions will be about employment, such as: Who is your employer? How long have you been employed? How much money do you make?

These are only a few out of the hundreds of questions, however. You can find more information on our website.