Summer has always been the time for beaches, out-of-town excursions, nature trips and everything else in between. It's a time for escapades and memories that are worth keeping. But is it also a time to have a new home? Aspiring home buyers in the Northwest region, the few months of summer can be the best time to look into different options for their first home. The Northwest … [Read more...] about Maybe This Summer Is a Good Idea for a New Home
The job of the underwriter is to look for all of the negatives in your mortgage application. He does this in order to fully evaluate your level of riskiness in regards to a mortgage loan. If you are the least bit risky, he is supposed to deny the loan. Because this large burden lies on the shoulders of the underwriter, it can make him seem like the “bad guy” or the person … [Read more...] about Compensating Factors on your Mortgage Application
Today’s tough underwriting standards make the debt-to-income ratio a front runner in the decision to approve or deny your mortgage loan. In the past there was a bit of wiggle room when it came to slightly high DTIs, but today the rules are rather rigid. Any DTI over 43 percent is generally declined. This does not mean you are out of luck – there are simple ways to ensure that … [Read more...] about Simple Ways to Make your Debt-to-Income Ratio More Attractive
You thought you were all set with your mortgage when you received a prequalification from your lender. You went out and found the perfect house and now are sitting idle with no mortgage approval as the underwriter slyly shakes his head at you, denying you an approval for your intended mortgage. It happens every day to unsuspecting potential homeowners and it could happen to you … [Read more...] about Denial after Mortgage Prequalification: What Happened?
Applying for a mortgage means you will have to make many decisions. Among those decisions is the need to take a fixed or adjustable interest rate. Before you jump head first into either type of mortgage, you will need to factor in many variables. There is no cut and dry answer as to which type is right for anyone – every situation will differ. Each type of mortgage has its own … [Read more...] about Fixed Rate or ARM Loan – Which is Right for you?