Washington State Mortgages, Made Clear. Buying or Refinancing? Let's find the right loan together.
When a lender looks at your mortgage application, one of the first numbers they calculate is your debt-to-income ratio — or DTI. It’s one of the most important factors in determining how much home you can afford and whether you’ll qualify for a mortgage in Washington State.
Here’s what DTI means, how lenders use it, and what you can do if yours needs work. [Read more…]
A recent MarketWatch article featured a reader question that probably sounds familiar to a lot of people approaching retirement. Here’s the situation as the reader described it:
“I’m 57, single, have $300,000 in a 401(k) and about $12,000 in savings in different accounts. I owe $93,000 on a house and have $20,000 in credit card debt. I make about $100,000 per year. Should I consolidate my savings? Should I pay off my credit card with the savings and then rebuild my account? I am working on paying off the credit card but I have terrible spending habits. I really don’t want to work until I’m 67. What advice do you have? Should I hire a financial planner to help me?”
— MarketWatch reader question
As a mortgage professional, I get to review detailed financials when someone is looking to buy or refinance a home via their loan application. Sometimes people are using every cent they can or are maxing out their monthly cash flow in order to have a home. I often have people who come to me because they need help restructuring their high-interest credit card debts. And I also help people who are well established. Personally, I would like to see more people on a path to financial security.
Here are a few suggestions for your consideration… not necessarily in this exact order and your plan may vary depending on your financial situation or goals. [Read more…]
Divorce and separation create real mortgage qualifying challenges — particularly when alimony or child support payments are involved. Understanding how lenders treat these obligations can make a significant difference in how much home you qualify for, and which loan program works best for your situation.
This guide covers how alimony and child support are treated under conventional, FHA, VA, and USDA guidelines — and the strategy that can dramatically improve your qualifying position. [Read more…]
