What are three key factors lenders consider for a second mortgage application?

In the context of applying for a second mortgage, having a solid employment history is crucial for lenders. This factor provides insight into the applicant's ability to maintain a stable income and manage additional debt responsibly. Lenders want to ensure that borrowers have consistent income to meet mortgage payments, especially when they are taking on the added risk of a second loan. A solid employment record often suggests job stability, which can alleviate concerns about a borrower's potential to default on their loan obligations.

While the other factors also play significant roles in a lender's assessment, the focus on employment history underscores the importance of a predictable income stream, which is essential for managing both existing and new mortgage debts.