Did you know that Student Loan Balances affect your home affordability even if they are deferred? Historically, for some mortgage products, mortgage lenders could overlook deferred student loans on when calculating a mortgage applicant’s debts for determining affordability. Overlooking the debt completely was causing a lot of defaults on Student loans when the loan holder […]
DID YOU KNOW ~ Buyers Get A FREE Agent… By Penny Sheppard
Did you know that utilizing a Buyer Specialist does not increase the sales price of a home or cost you any out of pocket money? Most agents act as either a buyers agent or a listing agent. Some agents represent both parties in the sale transaction which are considered “Dual Agency”* but, that is way […]
Please Share:
DID YOU KNOW? WHAT THE DIFFERENCE IS BETWEEN PRE-QUALIFIED AND PRE-APPROVED
Did you know that there is a BIG difference between Pre-Qualified and Pre-Approved? A pre-approval can be CRITICAL in winning the offer in a multiple bid situation. In this fast-paced housing market, if you like a house, chances are others do too. There are several things buyers can do to improve their chances of having […]
Please Share:
Did You Know ~ What Is Affordability ~ By Penny Sheppard
Determining Affordability: How much house payment is too much? How much is just right? Housing Expense is defined as “PTIT(A)” ((Principle+Interest+Taxes+Insurance ((+Association )meaning HOA fees when applicable)) or 31%. 31% is the amount of your gross income industry experts believe to be “affordable”. This means if your income is $50,000 per year, (divided by 12) […]
