Tag: mortgage approval
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Bought a Home, Got Laid Off: Options for Homeowners Facing Financial Hardship
It’s possible to receive a final approval for your mortgage, make it through closing day, get your deed, and then… get laid off. It’s also possible to have an unexpected employment change before you close. When calamity strikes the innocent borrower, what’s next? What steps are best taken to make the path ahead bearable? Let’s…
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I’m a Senior, Looking for a Mortgage. Will I Be Treated Fairly?
Great question. The first thing to know is that the Equal Credit Opportunity Act is on your side! Under this federal law, lenders may not consider an applicant’s age as a reason to approve or turn down your application. Simply stated, seniors can get mortgages if they demonstrate their ability to make the monthly mortgage…
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All About DTI: How Much Debt Is Too Much If I Want to Buy a Home?
Receiving the deed to a home is a major milestone. Typically, it depends on an earlier milestone: the mortgage approval. Apply for a mortgage, and lenders will consider your debt-to-income ratio (DTI). Why the DTI? Essentially, the lender wants to know how much of your earnings you spend, using credit. A low DTI suggests that…
