Are you thinking of purchasing a home or refinancing?
Start with an experienced and knowledgeable Mortgage Advisor. They will ask a short series of questions to help you decide if now is the right time to buy or refinance. Your advisor will also be able to explain finance terms and help you understand your obligations. Whether you are a first-time buyer, need 100% financing, have credit issues or own a home and are looking to improve your financial position through a refinance, there are three main categories they will be checking. These include your income, assets and credit which will need to be verified to determine the programs available to you and the amount you qualify for.
Debt to Income (DTI) ratios play a big part in qualifying and this is where the total monthly debts (from your credit report and projected mortgage payment) are divided into the total pre-tax income to establish the back-end DTI. Various programs have differing limits which typically depend on your down payment, remaining assets and credit scores. In many cases paying off debts increases the monthly mortgage payment a person qualifies for. The front DTI is the total house payment divided into the total pre-tax income and various programs may or may not have a limit.
If you are gathering information, a strong Mortgage Advisor has the ability to help you put a plan in place to reach your goals and maximize your future purchasing power or savings.
Veta The Realtor
Sr. Mortgage Advisor
Pacific Residential Mortgage, LLC NMLS-1477
Equal Housing Lender. Credit on approval. Terms subject to change without notice. Not a commitment to lend.