Cash

• Cash is directly related to down payments and how much of a down payment borrowers want to pay. Sometimes borrowers have plenty of cash and can make a large down payment, which makes it easier for them to secure a larger mortgage and bid more confidently on a house. If cash is low, however, then borrowers must look for a mortgage that has lower down payment requirements, which usually means a higher interest rate and mortgage insurance payments.
  
  

Income

• Income is another key factor in making mortgage decisions. While lenders will carefully examine borrower income and debts when making their decisions, for individuals borrowing the process is more instinctual, even when they create and compare budgets. Borrowers typically have a good idea how much money they can spare for a mortgage payment from their monthly income and in what ways they would have to rearrange their finances and pay off debts to manage a new loan.
  
  

Desired Property

• Another key influencer of mortgage decisions is the property itself. If borrowers find a property they really want, because of amenities or location or other features, then they will try to find a mortgage to pay for it. Often, they will be willing to make a higher down payment, accept a higher interest rate, or make other concessions in order to afford the dream home than they would for other properties.
  
  

Fees and Reputations

• After major considerations, another swaying factor is the fees that a borrower must pay to a lender, along with the general reputation of the lender. Borrowers may seek ways to reduce fees and go to a direct lender instead of using a mortgage broker. Other borrowers may have heard positive or negative stories concerning lender standards and treatment of customers, influencing their decisions when it comes to an application for mortgage.