Tag: <span>CPA</span>

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SUSPENSION DOES NOT MEAN DENIED

A loan suspension means the loan package submitted to the lender does not meet guidelines. The file is suspended to give the borrower time to provide documentation to bring the file within guidelines. For instance, a suspension may be issued if the debt-to-income ratio is too high. The underwriter may ask for further income and...

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ARE YOU REALLY GETTING THE BEST RATE AND COST?

Many real estate companies partner with preferred lenders and encourage their agents to provide their clients with the names of these lenders to handle the financing of their purchase. What the buyer does not know is that in some circumstances there is a business agreement between the lender and real estate company creating this preferred status....

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DETERMINING YOUR CREDIT SCORE

Credit cards are a significant factor in determining your credit score. Credit bureaus look at your credit card balances and history to determine how you manage your discretionary spending. The credit bureaus do not know your spending habits, but by reviewing credit card balances, they make conclusions regarding your ability to manage credit which will...

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PAYING DOWN A MORTGAGE: EXTRA PAYMENT TO PRINCIPAL

  Everyone knows if you make extra payments on your mortgage, you can pay it off sooner, but, how much quicker do you pay it off by making the extra payments? We have a calculator on our website which shows you how much quicker you can payoff the mortgage by making an extra payment. If...

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UNDERWRITING A LOAN

When underwriting a loan lenders look at the debt-to-income ratio for a comparison of monthly debts to monthly income, this is a major factor lenders consider. Lenders like to see the ratio at or below 43%, but loans have been approved up to 50%. Example: Let’s say you are salaried and gross $4,000 per month;...

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ARE YOU A RECENT COLLEGE GRADUATE

Are you a recent college graduate? Are thinking about becoming a homeowner? Many recent graduates feel they may not qualify to purchase a home. College education is more expensive than ever and many students leave school with substantial student loan debt. Let’s take a look at how lenders consider student loan debt when underwriting a...

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HOW DO LENDERS VIEW MEDICAL STUDENT LOAN DEBT?

How do lenders view medical student loan debt? Student loan debt coming out of medical school could take many years to payoff. Lenders recognize this fact, and have come up with programs to help doctors qualify for mortgages without regard to this debt. Lenders know it may take several years for doctors to reach their...

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IF YOU CANNOT QUALIFY

Sometimes, you may not be able to qualify on your own, and may ask someone to sign with you to help you qualify. If so, the co-signer will have to complete a loan application and will have to qualify, too. Lenders will combine the incomes and debts of both borrowers and base the loan off...

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WHAT IF YOU DISAGREE WITH YOUR HOME APPRAISAL

What if you disagree with your home appraisal? Do you have to accept the appraiser’s findings without questioning them? You can question the appraisal; you can appeal the appraisal. The appeal process goes through the appraisal management company. You have to provide data in order to appeal. For example, if there are comparable sales (“comps”)...

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WHAT IF YOU DISAGREE WITH YOUR HOME APPRAISAL

What if you disagree with your home appraisal? Do you have to accept the appraiser’s findings without questioning them? You can question the appraisal; you can appeal the appraisal. The appeal process goes through the appraisal management company. You have to provide data in order to appeal. For example, if there are comparable sales (“comps”)...