Your mortgage lender will want to know a lot about you before approving your loan application, and justifiably so; it and its underwriters want to be assured that you meet their minimum level of creditworthiness before lending you money.

Here are the general areas of questioning you can expect from a lender:

Employment and income

Outstanding debts

Cash reserves and assets

Down payment

Loan purpose

Property use

Property type

The following responses tend to work in your favor:

• Steady employment (two or more years) with the same employer or in same line of work.
• Low debt: no recent major buys (such as automobiles) and a debt-to-income ratio of 36 percent or less.
• Loan is for straight home purchase (or rate-and-term refinance).
• Property is detached single-family home to be used as primary residence.
• Down payment of at least 5 percent of sales price with your own money.
• You'll have at least two months' worth of mortgage payments in the bank after closing.

These responses tend to work against you:

• Self-employed or contract worker.
• High debt: credit cards maxed out, total debt-to-income ratio more than 36 percent.
• Property is a duplex or condominium, to be used as a vacation home or rental.
• No cash left after home buy and closing costs.
• Down payment is 3 percent or less of buy price and money is borrowed.