Tag: <span>qualify</span>

HAVE YOU CONSIDERED ADDING A CO-SIGNER?
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HAVE YOU CONSIDERED ADDING A CO-SIGNER?

Sometimes, you may not be able to qualify on your own. Have you considered adding a co-signer 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 of the...

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NEVER TOO OLD!

  You’re never too old, age is not a factor when applying for a mortgage loan. Lenders cannot discriminate based on age.  So, even if you are 100 years old, and can qualify for the payment, you can get a 30-year mortgage.

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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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HOW OLD IS TOO OLD?

Lenders cannot discriminate based on age. So, even if you are 100 years old, and can qualify for the payment, you can get a 30-year mortgage. This applies regardless of whether it is a forward mortgage or a reverse mortgage. A forward mortgage is the mortgage you are familiar with, I.e. you make monthly payments....

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DODD-FRANK ACT

The Dodd-Frank Act includes a provision that a borrower must show an ability-to-repay a mortgage to qualify. It seems silly that a law had to be passed with this provision in it as you would think someone would not make a loan unless they knew it was going to be paid back. Nevertheless, this law...

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THERE ARE MANY DIFFERENT WAYS TO GET APPROVED FOR A LOAN

There are many different ways to get approved for a loan today. Dodd-Frank legislated there must be an ability-to-repay the loan (as if this needed to be legislated). As a result, lenders took a strict interpretation of this rule. In order to qualify, you had to be a salaried employee, or if self-employed have a...

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HOW TO GET THE PERFECT CREDIT SCORE

Today’s post is a video from Bloomberg.com:   How to Get The Elusive Perfect Credit Score https://www.bloomberg.com/news/videos/2018-12-27/how-to-get-the-elusive-perfect-credit-score-video   Contact us and we can help you with your credit to qualify for the best mortgage for you.   We offer a variety of products and services, ask us how we can assist you today: Counsel Mortgage...

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SBA LOANS: UPDATE

The SBA (Small Business Administration) guidelines for 7(a) loans have been updated – they do so annually – and are now in the market for these loans. There are a couple major changes worth noting for prospective borrowers. (They’re all worth noting, but the drill-down details are beyond the scope of this discussion.) 1. Minimum...