Author: super_admin

The good news is you went to college, studied hard and earned your education, the other side for some is student loan debt. Having loans is not a deal breaker but it will factor into the important debt-to-income (or DTI) ratio, and mortgage underwriters are primarily looking at the numbers so having it be student loan debt isn't different from a car loan in the math. Strategies to get approved with student loan debt Pay it down - this maybe easier said than done but if you have extra money or got a raise then try to pay down the debt Consolidate it - if you can consolidate your debt and lower your monthly payment (even not the overall loan amount) this will help your monthly DTI ratio Co-sign -…

A lot of Americans have moved or considered moving in the last year. When you move you aren’t just moving into a new home but also a neighborhood, so you want to be sure to check the area out carefully, here are 10 things to consider. 1. Property Taxes – you should look at property taxes and also how much they’ve increased in the last five years and if any increases are planned. It’s a good idea to build this into your budget too. 2. Amenities – check what’s nearby based on your interests, restaurants, groceries stores, houses of worship etc. 3. Future development – it’s a good idea to check and see what future development is planned – it might be a good or bad thing but either way…

With the housing market tight in many parts of the country and affordability a big issue for many would be buyers, buying a fixer-upper might be tempting. We’ve all seen the home make-over shows with amazing before and afters but should you do it? Here are a few things to consider: 1. Know Your Limits How much of the work can you do. How much time do you have to put into renovations. Are you prepared to live in a work zone for a while 2. Work Out Costs In Advance Have a contractor walk through the inspection with you and get a written estimate for work he would do. If you are doing the work yourself price the costs of supplies, either way add 15% to the costs because…

As we hopefully start to climb out of the covid crisis, interest rates nudged up this week. Rates inched up as Freddie Mac reported that the average 30-year-fixed-rate mortgage was 2.97%. This is still well below the rate a year ago which was 3.45%. Analyists expect rates to continue to rise slightly throughout the year on an anticipated economic recovery, although rates are expected to remain very low by historic standards. While rates remain near historic lows, the housing market continues to be red hot. Extremely low inventory is driving prices up. The National Association of Realtors reported existing home sales were up nearly 25% compared to last year and the median home price is up nearly 15% from a year ago. This may be a bigger impediment to home…

If you’re looking for a new house, many realtors will actually ask for a pre-approval in advance. And its good for you to know how much you can afford and if there are any issues, you will know in advanced instead of any last minute surprises! 1. Proof of Income This is usually W-2 statements but also includes any other sources of income like bonuses or alimony. 2. Proof of Assets This will include bank and investment account statements. If you are receiving a money from a relative or friend you may also need a gift letter from them. 3. Credit Score Your credit score will be an important factor on the down payment and interest rate on the loan. 4. Employment Verification Lenders may call your employer to verify…

With the housing market tight in many parts of the country and affordability a big issue for many would be buyers, buying a fixer-upper might be tempting. We’ve all seen the home make-over shows with amazing before and afters but should you do it? Here are a few things to consider: 1. Know Your Limits How much of the work can you do. How much time do you have to put into renovations. Are you prepared to live in a work zone for a while. 2. Work Out Costs In Advance Have a contractor walk through the inspection with you and get a written estimate for work he would do. If you are doing the work yourself price the costs of supplies, either way add 15% to the costs because…