18
Oct
By Todd Grey
0 Comments
Mortgage, Mortgage Tips, ,

How Do Mortgage Lenders Decide How Much You Can Borrow?

When it comes to buying a home, one of the most critical factors to consider is how much you can borrow through a mortgage. Mortgage lenders play a pivotal role in determining your borrowing capacity. We will delve into the intricacies of how mortgage lenders decide how much you can borrow. Your Income and Debt One of the primary factors that mortgage lenders consider is your income. They want to ensure that you have a steady source of income to make monthly mortgage payments. Generally, lenders prefer that your housing expenses do not exceed 28% of your gross monthly income.…
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12
Jul
By Todd Grey
Mortgage, ,

How Long Does It Take to Get a Mortgage Approval?

When you're in the process of buying a home, one of the most important steps is obtaining a mortgage approval. This approval signifies that a lender is willing to offer you a loan to finance your dream home. The timeline for getting a mortgage approval can vary depending on several factors. Initial Preparations: Before you start the mortgage approval process, it's crucial to gather all the necessary documentation. This typically includes proof of income, employment history, bank statements, tax returns, and details about your assets and liabilities. Application Submission: Once you have your documents ready, you'll need to submit a…
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23
Aug
By Todd Grey
Mortagage Tips, ,

Assessing Your ‘Debt-to-Income Ratio’ and Why This Number Matters When Getting a Mortgage

If you are looking to buy a home, you may want to consider shopping for a loan first. Having your financing squared away ahead of time can make it easier to be taken seriously by buyers and help move along the closing process. For those who are looking to get a mortgage soon, keep in mind that the Debt-to-Income ratio of the borrower plays a huge role in the approval of your mortgage application. What is a Debt-to-Income Ratio? A debt-to-income ratio is the percentage of monthly debt payments compared to the amount of gross income that a person earns…
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02
Apr
By Todd Grey
Mortgage, ,

How To Get A Mortgage If You Are A Gig Worker

Twenty years ago the economy was putting the dot-com bubble behind it, and people were buying homes. The high majority of folks worked for someone else; they received a paycheck, were given a W-2 from their employer, and filed their income tax returns accordingly. This also provided easy documentation to loan officers when folks wanted to borrow a mortgage to buy a home. As of 2019 36 percent of workers in 2020 were identified as bona fide gig workers per the federal government, or a bit more than 1 out of every 3 workers. That change translates to mortgage application…
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