Can I afford a mortgage despite carrying student loan debt? It’s not a secret that having a mortgage plus student loan debt is challenging, but with thorough planning and discipline, it’s possible. The keys to affording a mortgage while also paying off student debt include managing your debt-to-income ratio, reducing… Read Full Article Share FacebookTwitterLinkedIn
How do I figure out how much house I can afford? There are plenty of mortgage calculators online that can help you crunch the numbers, but the pre-approval process will give you a good idea of how much house you can afford (and how much your monthly payments may be). The… Read Full Article Share FacebookTwitterLinkedIn
Is the mortgage loan process any different if I buy a short sale or foreclosed home? No – the borrower’s financing is no different when purchasing a short sale or foreclosure property. Read Full Article Share FacebookTwitterLinkedIn
Can we use my partner’s income but my credit? No – if you are the borrower on the loan, your credit will be used to determine the applicable interest rate. You can’t mix and match, and this is true for all mortgage loans. Read Full Article Share FacebookTwitterLinkedIn
I have a higher credit score than my partner/spouse. Can we just use my score? No – if you and your partner are both applying for a home mortgage loan, an underwriter will determine the middle score of both borrowers and use the lower of the two middle scores. Read Full Article Share FacebookTwitterLinkedIn
What are mortgage points? You can buy points to lower — or “buy down” — the interest rate of a loan in exchange for an amount due at closing (usually a percentage of the principle of the loan.) This can be helpful to make… Read Full Article Share FacebookTwitterLinkedIn