When you apply for a mortgage, your lender will look at a variety of factors, including your debt-to-income ratio. If it’s too high, chances are you won’t get the loan. Each loan program has requirements regarding the DTI. Get Matched with a Lender, Click Here. So does a high DTI mean you can’t secure a […]
Should You Pay Off Your Home Loan Before Retirement?
It’s the American Dream to own a home, but it’s also part of the American Dream to be out of debt before retirement. So does this mean you should pay off your home loan before you retire? For some people it is the right answer, but for others, it may not make sense to do […]
Essential Documents You Need to Get a Mortgage
If you are thinking about applying for a mortgage, there are certain documents you will need. Lenders need to know how well you can afford the mortgage. They figure this out by doing an in-depth analysis of your finances. Get Matched with a Lender, Click Here. In order to apply for a mortgage, you’ll need […]
Qualifying for a Mortgage With Student Loans
One of the largest factors lenders looks at when evaluating your mortgage application is the amount of debt you carry. This directly affects your mortgage approval. If you have too much ‘other debt,’ a lender won’t feel comfortable adding to the debt by giving you a large mortgage. However, if you properly manage your debt, […]
Dealing With Property Liens When Buying a House
Having a tax lien or judgment against you certainly doesn’t make it easy to get a mortgage. But, does it make it impossible? Get Matched with a Lender, Click Here. Luckily, the answer is ‘no.’ You can still buy a house despite having these negative items on your credit report. You just have to know […]
Reasons Why You May Need to Write a Letter of Explanation
You might feel panicked when an underwriter asks you for a Letter of Explanation. You might wonder why they need it? What if you write it wrong? Will you lose your loan? Get Matched with a Lender, Click Here. First, know that it’s common to have to write a letter for one reason or another. […]
Should I Get a Debt Consolidation Loan?
When you’re dealing with so much debt, it can easily get out of control. Sometimes the only way to fix these heaps of debt is to lump them all up and make one payment for it all. If you’re thinking of the same way to solve your debt dilemma, here’s a good news — there’s […]
What Tax Return Issues Can Affect a Mortgage Approval?
Your tax returns say a lot about your income. When you use your returns to verify your income for a mortgage, there is a lot more to it than just looking at your tax forms. Mortgage companies must fully evaluate your income. This often causes tax return issues that either delay your approval or eliminate […]
Can I Refinance If I’m Behind on my Mortgage Payments?
Late payments often disqualify you for any loan program, including a refinance. Your mortgage history plays a major role in determining your credit worthiness. In fact, some lenders hold it higher than your credit score itself. That being said, some lenders look at the whole picture. This may allow you to secure a refinance even […]
Preparing Financially for a Home Purchase
When you decide you want to buy a home, you have many preparations to make. In other words, it is not a decision to take lightly. It is also not a decision you can act upon quickly. It takes plenty of time and planning. You must financially prepare yourself for what is probably the largest […]