Student Loan Payments & Mortgage Qualification

Student Loan Payments & Mortgage Qualification

If you are considering purchasing a home and you have student loan debt, consider speaking with a mortgage professional as a starting point. There are all kinds of rules around how these are treated when it comes to qualifying for a mortgage. How your student loans are structured or in what stage of repayment they are in may dictate what type of loan program you will qualify for.

For example – most people incorrectly assume that if your loans ...

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The American Express Payment Problem

The American Express Payment Problem

Part of the mortgage qualification process includes what is called your debt to income ratio (DTI). This your gross monthly income divided by the lump sum total of your proposed housing payment and any other monthly obligations that show up on your credit report. This would include car payments, student loan payments (this links to our other post on these payments), and minimum payments on any revolving charge cards. These are typically a very small percentage of the ...

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Credit Scores – Don’t Sweat the Small Dips

Credit Scores – Don’t Sweat the Small Dips

We assist people with understanding and improving their credit scores with great regularity. One of the questions that comes up frequently is why credit scores go up and down so frequently? Credit Scores are made up of five main components.

The first is making your payments on time (35% of your score). If you make, even one late payment in the very recent past, your score will drop dramatically. The second component is called your utilization ratio (30% ...

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Looking to Renovate?

Looking to Renovate?

Explore These Options to Finance.

Whether you are looking to freshen up or expand your existing home or a new home you are considering purchasing, the question always comes up about how to pay for this. The answer to this question depends somewhat on how much you are talking about financing and how long you believe it will take you to repay. Let’s take them one at a time. If you are trying to renovate the home you ...

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When Should You Start Looking for a Home?

When Should You Start Looking for a Home?

If you are thinking about purchasing a home in the next year, the sooner you start looking, the better. Why start so soon? There are a lot of moving parts to buying a home. Getting a plan in place is the key to success.

Let’s look at all the moving parts:

– Make the decision to purchase and set an ideal time to close on a home. For example, when does your lease expire?

– Look into a mortgage pre-approval. ...

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Top 5 Ways to Position Yourself if You Want to Buy a Home in 2019

Top 5 Ways to Position Yourself if You Want to Buy a Home in 2019

• Get a copy of your credit report through www.MyFico.com. This will give us your true mortgage scores without a hard inquiry on your credit. You can also get a free copy of your report through someone like www.freecreditreport.com but it won’t give you the scores we use. There are 48 different FICO scoring models but only one that mortgage lenders use. No surprise, that this model is more conservative than most.

• Through an educational process, we can assist with ...

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Credit Repair Companies

Credit Repair Companies

If you have had credit challenges in the past, beware of unscrupulous companies that promise they can solve all your problems. Far too many take advantage of you. They typically will charge you an upfront setup fee and then a monthly charge for as long as you remain a client. Most of them just take the “shotgun” approach and dispute every negative item on your report, every month. The credit reporting agency is then required to ...

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Child Identity Theft

Child Identity Theft

So, you’re concerned about identity theft for yourself, but have you ever thought about your child being a victim? Last year alone, more than 1 million children under the age of 18 were targets. Unfortunately, 60% of the time, child victims new their perpetrators whether that be a parent or guardian, other family member or a friend of the family. In these cases, it’s almost impossible to stop because they have access to their personal information. ...

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SO, YOU NEED A MORTGAGE:

SO, YOU NEED A MORTGAGE:

IS YOUR BANK THE BEST PLACE TO GO? – Part 2

Last time, we presented a few things to consider if you are thinking about financing for your new home. Specifically, should you use a local bank or a Mortgage Banker? It may seem like the logical step is to call your bank. They have your banking accounts and since the Bank has your financial information, the process will be easier. Unfortunately, this is rarely the case. ...

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SO, YOU NEED A MORTGAGE:

SO, YOU NEED A MORTGAGE:

IS YOUR BANK THE BEST PLACE TO GO? – Part 1

You’ve decided to make a move and buy a new home, what’s next? The first step should be to obtain a Pre-Approval Letter. It may seem like the logical step is to call your bank. They have your banking accounts and since the Bank has your financial information, the process will be easier. Unfortunately, this is rarely the case. In fact, it is typically a much ...

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