Gene Mundt, Chicagoland Mortgage Originator provides hope for those with student loans considering buying a home. Do you …Want to buy a home? Have Student Loan debt? If you answered “Yes” to the questions above, it’s important for you to know that contrary to what is commonly seen and believed, it is possible to buy […]
Gene Mundt is a Chicago Mortgage Lender who is an excellent source for all things mortgage-related. Here is another gem from him: Although the term “PMI” … Private Mortgage Insurance … is seen and heard frequently, there remains a shroud of mystery surrounding it … When I first speak with potential Chicagoland – IL/WI Borrowers, they sometimes have a negative […]
It doesn’t take a time traveler to appreciate the fact some folks are just inherently going to have a problem with paying today for something that won’t come due until tomorrow. Especially when that something is perhaps ill-explained and/or part of a complex real estate transaction. Even with the rollout of the CFPB’s new disclosure forms, the Loan Estimate (LE) and the Closing Disclosure (CD), consumers will likely still proffer some age-old questions about at least one component of a mortgage loan’s cost structure. So let’s hop in our DeLorean and venture to find out what is prepaid interest?
Credit … Credit Scores … they’re a big issue, no matter someone’s age. But for Millennial-age hopeful home buyers, credit-related issues are of particular interest and importance these days. I’ll add they may be a bit frustrating too …Millenial home buyers should quickly establish credit. It’s been very well-documented: The job market and financial problems have dogged Millennials. As a result, many have poor credit. Or have avoided accumulating debt entirely.
While you are waiting for new housing inventory to come on the market in Los Angeles Rob Spinosa has great advice on how to avoid damaging your credit. These are good tips to follow.
The overall way that lenders decide how much loan you qualify for, and that is by considering your debt-to-income ratio. This is a comparison of your gross (pre-tax) income to housing and other expenses.
Other expenses include such long-term debts as car or student loan payments, alimony, or child support.