How Student Loans Affect your Mortgage

Did you know that if your student loans are in deferment or forbearance that there is an impact on your refinance? If the loan is deferred 12 months after your loan closing date or says $0 per/month on your credit report then you are fine. But if it does not show anything at all then you may still need to account for at least 0.5% of the balance owed divide by 12 to be included in your debt and income ratio. Your debt and income may be higher than you think. For example, if you owe $35,000 and you are looking to refinance. Then, it would be $35,000 x 0.5%= $175 per/month. That means if you pre-tax income is $7,500 and your other expenses including your mortgage may be higher than it should be. Usually, conventional loans will cap the total debts at no more than 43% of your pretax income which including the mortgage, then all your other expenses can only go up to $3,225 per/month.

Comments

How do Condos measure against Single Family?

How does a condo measure up against a Single Family? Annette Bui | Updated April 28, 2020 | Lifestyle Mortgage Blog While you shop for your dream home, the possibilities may seem overwhelming. Whether you want to be near your hometown, close to work or proximity to quality school districts. One of the bigger questions as you venture to different neighborhoods is the lifestyle differences between choosing a town home or a single-family residence. The debate brings some serious considerations into light such as amenities or association dues as opposed to guard gated neighborhoods or extra space for a growing family Here are a few factors to consider while you list your pros and cons and review your options. Single Family or Condo? The first priority is to determine where you want to live, whether it is in a large urban city like New York or a suburb in Long island that means it would take a bit more of a commute to get to downtown? These questions are all essential becau...

My Story

My Dream is to advocate for your family: I take a personalized consultative approach to helping you get approved faster in the mortgage shopping process, offer a more streamlined process, generating solutions that are useful to consumers to build confidence in the mortgage shopping process. My personal goal is to find new and innovative ways to help families identify their mortgage based upon current market trends, personal need, client oriented approach to help families thrive and improve their most valuable investment. I see myself as a personal mortgage Guru, here to offer helpful information, better ways to save. Developing unique tools, investment strategies that revolve around your personal needs in a mortgage. As your personal mortgage guru, I can provide a customized approach to help guide you through the qualifying process, credit improvement, tips and tricks to gain the extra savings on your loan. My knowledge and support is all referral based and it is...

How do Renovation Loans work?

How do Renovation Loans work? Annette Bui| Updated June 05, 2020 | Mortgage Programs 101 The purpose of renovation loans or 203k is that it allows both homeowners and home buyers to build the cost of doing a rehabilitation project on a house and roll it into the mortgage. The benefit of this program is that it makes the upgrade process more affordable without having to incur expensive credit card interest and maxing out your debts. You can finance the cost into your mortgage at a lower interest and have a fixed payment. Additionally, the projected renovation updates will improve the value of the collateral and better secures the lenders position. This is designed to help save both time and money for homeowners to gain access to more prospective homes rather than be limited to the homes already in good condition. How can a Renovation Loan be used? The scope of the rehabilitation loan covers expenses of a minimum of $5,000 in costs and up and can be used for virtually a...

Lifestyle Mortgage Blog

Search This Blog