Housing Wire

MARCH 30, 2021

Borrowers don’t always know or understand how their credit or debt-to-income ratio (DTI) impacts the type of loan they can qualify for. So, you focus on being a loan expert, and the qualification team can focus on closing those loans.”. Improving the Customer Experience.

Pre-qualification 468

Pre-qualification Debt-to-income ratio Pre-approval Loan Officer 468

Housing Wire

MARCH 16, 2022

“We are going to see an increase in some of the non-QM lending. Some lenders, however, are closely eyeing regulatory changes that could dampen the non-QM market by expanding the pool of loans able to get QM status. I don’t think it’ll ever be a significant chunk. The new rule is slated to be implemented on Oct. 1, 2022.

Banks 397

Banks Loans Debt-to-income ratio Lending 397

Housing Wire

AUGUST 8, 2024

That gets rolled into their debt-to-income ratio, which means they look like a riskier buyer, which means their mortgage loan gets priced higher, which means they have an additional disadvantage because the cost of lending goes up for them. So, this is a further challenge for them to even enter the housing market.”

Debt-to-income ratio 488

Debt-to-income ratio Marketing Mortgages Days on market 488

Housing Wire

JANUARY 14, 2022

Non-QM lenders Angel Oak Mortgage , Acra Lending and Newfi alone currently have at least 130 openings on jobs listings sites. Acra Lending, which rebranded from Citadel Servicing last year , more than doubled its headcount year-over-year from 200 employees to 420 in 2022. “The riches are in the niches.”

Debt-to-income ratio 432

Debt-to-income ratio Lending Loans Loan Officer 432

Housing Wire

JUNE 29, 2022

The report found that while the majority (75%) feel confident about eventually securing a mortgage, a large percentage of millennial and Gen Z future homebuyers see an insufficient down payment or closing funds (46%), their high debt-to-income ratio (45%) and bad or no credit (38%) as barriers to approval.

Debt-to-income ratio 459

Debt-to-income ratio Loan Officer Loans Mortgages 459

Housing Wire

NOVEMBER 7, 2023

Media stories about home affordability rarely cover how the GSEs allow for low down payments and higher debt-to-income ratios. And when lenders — not headlines — explain cash-to-close and monthly all-in costs relative to incomes, the lights go on for borrowers.

Debt-to-income ratio 435

Debt-to-income ratio Mortgages VA loan Loans 435

Housing Wire

NOVEMBER 10, 2020

“I told my client, my friends, ‘Look, I know you’re supposed to close in 10 days but we’re closing Friday and you let everybody know it or you may not close,’” Dodson said. “And damn if we didn’t close Friday and they shut it down Monday.” So you stop.”. Everyone bowed out.

Debt-to-income ratio 459

Debt-to-income ratio Loans Banks Loan Officer 459

Housing Wire

MAY 25, 2022

There is also the matter of efficiency versus increased lending cost. With so many different types of borrowers beginning to look towards non-QM for their lending needs, LOs and brokers are wise to incorporate a diverse set of loan options. With non-QM in a current transition state, forecasting future demand levels can be tricky.

Debt-to-income ratio 418

Debt-to-income ratio Lending Pre-qualification Loans 418

Housing Wire

MAY 3, 2023

Impact on housing and residential lending It’s unclear what the Fed’s next decision will be, but the MBA is hoping for a rate hike pause. “If Additionally, higher rates create higher debt-to-income ratio calculation, resulting in qualifying for lower mortgage amounts,” Mendenhall said.

Mortgages 448

Mortgages Debt-to-income ratio Banks Fixed-rate mortgage 448

Housing Wire

MAY 14, 2021

Incurring new debt could impact the likelihood of approval. Don’t close out your credit sources – such as canceling a credit card – just to prove you don’t need them. This will maintain your available credit amount and reduce the risk of an account being closed due to inactivity. Improve your DTI Ratio.

Debt-to-income ratio 459

Debt-to-income ratio Loans Mortgages Lending 459

Housing Wire

NOVEMBER 8, 2021

There remains a belief among listing agents and their clients that the VA appraisal and closing process will be a hassle. A lot of the misconceptions about working with VA loans center on the VA appraisal process – which differs from conventional mortgage appraisals – as well as the time it will take for a transaction to close.

VA loan 418

VA loan Agents Pre-approval Debt-to-income ratio 418

Housing Wire

APRIL 4, 2022

As interest rates rise, so do the monthly mortgage payments, which could be problematic for low-to-moderate income borrowers, said Alex Naumovych, loan officer at Draper & Kramer Mortgage. Interest rates typically impact FHA borrowers more directly because these borrowers likely have a maximum debt-to-income ratio,” said Naumovych.

FHA loan 370

FHA loan Debt-to-income ratio Pre-approval Loan Officer 370

Housing Wire

AUGUST 23, 2023

The business combination closing, announced Wednesday, unlocks approximately $565 million of fresh capital, including a $528 million convertible note previously committed from affiliates of SoftBank and additional common equity from funds affiliated with NaMa Capital (formerly Novator Capital). Are we close to a market turn?

Debt-to-income ratio 370

Debt-to-income ratio Technology Mortgages Pre-approval 370

Housing Wire

MARCH 10, 2023

Through the market turmoil and volatility that marked much of 2022 — and is still with us today — home-equity lending expanded, however. Closed fixed-rate second-lien [home-equity] loans have been up the least in terms of volume, Toohig said, with HELOCs leading the charge — along with unsecured personal loans used for home improvement.

Equity 370

Equity Marketing Debt-to-income ratio Lending 370

Housing Wire

DECEMBER 4, 2024

Certain borrower groups are especially vulnerable, including those with lower credit scores , higher debt-to-income ratios and those who opted for more affordable loan products. Still, further deterioration could pose challenges for some investors and servicers and will warrant close attention, according to industry experts.

VA loan 305

VA loan Mortgages Debt-to-income ratio FHA loan 305

Housing Wire

AUGUST 26, 2024

trillion once the Flagstar deal closes. Middleman pointed to average loan-to-value ratios of 50%, average debt-to-income ratios in the low 40% range, and credit scores in the low 700s as indicators of an “extraordinary” credit. Cooper had become the largest U.S. trillion unpaid principal balance (UPB).

Mortgages 457

Mortgages Banks Debt-to-income ratio Loans 457

RIS Media

JUNE 3, 2021

But, according to a recent study by Lending Tree, even though most mortgage refinances were approved at the start of 2021, many were denied. Those who could not get refinanced were declined for many of the same reasons, from a high debt-to-income ratio to poor or no credit history. High Debt-to-Income Ratio .

Debt-to-income ratio 105

Debt-to-income ratio Principal Lending Equity 105

HomeLight

JUNE 30, 2024

This article will break down the basics of hard money lending in Orange County, helping you see if this approach fits your real estate goals or home-buying needs. Typically, they lend a percentage of the ARV to ensure their investment is secure. Borrowers also incur costs like origination fees, closing costs, and points.

Hard money loan 112

Hard money loan Finance Debt-to-income ratio Home sale contingency 112

RIS Media

APRIL 8, 2022

Something can come up (such as an unanswered financial obligation or a significant purchase before the closing that changes the debt-to-income ratio) and put a home back. . The lending institution can also stop the transaction. . Sometimes significant problems are revealed that could hinder the closing happening.

Debt-to-income ratio 144

Debt-to-income ratio Title search Backup offer Home sale contingency 144

Realtor.com

FEBRUARY 11, 2021

They can also tell you how much of a mortgage you qualify for, which is determined in part by your debt-to-income ratio. Can you afford the closing costs? Hammond , a Chase private-client home lending adviser. Closing costs are used to pay for items such as appraisals, inspections, and much more.

Closing costs 145

Closing costs Debt-to-income ratio Inspection Closing 145

Redfin

MARCH 14, 2025

But before the deal is final, your lender needs to issue a mortgage commitment letter – a crucial step that signals your financing is solid and closing is within reach. In competitive markets, it strengthens your offer by proving you’re financially ready to close, giving you an edge with sellers.

Debt-to-income ratio 31

Debt-to-income ratio Mortgages Title Loans 31

Realtor.com

FEBRUARY 2, 2022

But our mortgage and lending system can be especially challenging for retirees to navigate, simply because lenders prioritize income. And the lending and real estate laws can really differ. You need to make sure the person you’re working with is aware of local transfer taxes and closing costs.”

Debt-to-income ratio 100

Debt-to-income ratio Mortgages Fixed-rate mortgage Lending 100

Realtor.com

JANUARY 7, 2021

Although this is a major milestone on the march toward closing, there are many points where this deal can go off the rails—like if you find out your home buyer wasn’t approved for a mortgage. The agent won’t be owed any money until she actually finds a buyer who can get financing and make it all the way through the closing.

Loans 133

Loans Purchase and sale agreement Pre-approval Debt-to-income ratio 133

Realtor.com

FEBRUARY 2, 2023

However, mortgage lenders view leasing and financing a car differently,” says Ashley Moore , community lending manager at Chase Home Lending. Lenders calculate your debt-to-income ratio , or DTI, which is a person’s monthly debt payments divided by gross monthly income.

Debt-to-income ratio 75

Debt-to-income ratio Loans Lending Finance 75

HomeLight

JUNE 22, 2023

Why, maybe it’s even dealing with the anxiety that comes while you’re waiting for closing day to finally come. Why must there be so many lending companies, all of which have different requirements and terms? To figure out how much house you can afford , you’re going to have to take a close look at a few different variables.

Debt-to-income ratio 98

Debt-to-income ratio Mortgages FHA loan Loans 98

HomeLight

JANUARY 29, 2024

It’s a creative option to battle high interest rates, monthly income limitations, or hurdles like low credit scores and stringent lending criteria. High debt-to-income ratio: Traditional lenders often shy away from borrowers with high debt-to-income ratios. homeowners.

Equity 89

Equity Debt-to-income ratio Loans Closing costs 89

HomeLight

JULY 29, 2022

Closing on a house is a thrilling time for buyers : Once you’ve found the one and have an accepted offer, you’re ready to grab the keys and make it your own. But closing time can also be plenty to rack your nerves. What can go wrong on the buyer’s side at closing. Problem: There’s an issue with the Closing Disclosure.

Closing 105

Closing Purchase and sale agreement Title Home sale contingency 105

HomeLight

OCTOBER 2, 2020

You’re thinking of switching mortgage lenders before closing. Will you regret making the switch before closing? Why you might think about switching mortgage lenders before closing. Yes, it is possible to switch lenders before closing. This option can typically only be used once during the closing process.

Closing 97

Closing Mortgages Loans Closing costs 97

Lighter Side of Real Estate

AUGUST 5, 2020

If you haven’t actually qualified for financing, you should hold off on going to look at houses with a real estate agent (or even going to open houses), since there’s no guarantee that a mortgage company can lend you the money. Make a big purchase or take out new debt before the closing.

Pre-approval 145

Pre-approval Debt-to-income ratio Title search Finance 145

Realty Biz

SEPTEMBER 5, 2023

Lenders use this score to assess the risk of lending to you. Reduce Debt: Prioritizing debt reduction is crucial for improving your financial profile. Lenders assess your debt-to-income ratio, which compares your monthly debt payments to your income.

Debt-to-income ratio 91

Debt-to-income ratio Pre-approval Finance Bankruptcy 91

Realty Biz

FEBRUARY 22, 2024

This process is non-binding, however, a mortgage pre-approval reveals how much a lender is willing to lend you and what kind of mortgage you might be eligible to receive. Key Takeaways from this Article Gather all documentation to get pre-approved, including your SSN, proof of income, banking information, and tax forms.

Pre-approval 80

Pre-approval Debt-to-income ratio Loans Banks 80

Point2Homes

DECEMBER 7, 2020

This should show you how much you can afford to spend on mortgage payments and reveal how much a bank is likely to lend to you. Lenders will normally look at your debt-to-income ratio to determine whether you qualify for a loan. Making the Offer. The Home Inspection.

Debt-to-income ratio 118

Debt-to-income ratio Pre-approval Inspection Inspection contingency 118

HomeLight

JANUARY 17, 2024

This decision can occur at various stages – after an offer is made but before it’s accepted, after signing a purchase agreement, or even days before the closing. You lost your job or income: A significant change in your employment status can impact your ability to secure financing, prompting a reassessment of your homebuying plans.

Purchase and sale agreement 111

Purchase and sale agreement Debt-to-income ratio Title search Finance 111

HomeLight

JUNE 21, 2023

Some of these programs, such as Homes for Heroes , are nationwide and encompass both lending benefits and other discounts and reimbursements. Baird has worked with clients using CELP, which has covered about 30% of the buyers’ closing costs — savings they’ve used for appliances, replacing flooring, and other expenses.

Loans 98

Loans Debt-to-income ratio FHA loan Closing costs 98

Lighter Side of Real Estate

JANUARY 24, 2024

Considering landlords often have an approval process you had to go through in order to qualify to rent their place, it seems reasonable and logical that if someone can afford to pay a certain amount in rent, then a bank should be fine with lending them as much money as that amount would cost to pay back on a monthly basis. Your job history.

Pre-approval 122

Pre-approval Debt-to-income ratio Pre-qualification Mortgages 122

McKissock

JANUARY 31, 2021

You are one week away from the closing table, and your first-time homebuyer’s lender calls with stressful and unfortunate news. Maybe they made a new purchase and their debt to income ratio is too high. Or maybe the underwriter feels that their income and credit score isn’t high enough. By Brooke Tanner.

Debt-to-income ratio 95

Debt-to-income ratio Pre-approval Pre-qualification Loans 95

HomeLight

SEPTEMBER 1, 2022

Student loan debt doesn’t make it impossible to live out your dream of homeownership; it just makes it a bit more difficult because of its impact on your debt-to-income ratio (DTI), credit score, and down payment savings. Debt-to-Income ratio. Edward Kaminsky. Real Estate Agent. Edward Kaminsky.

Debt-to-income ratio 104

Debt-to-income ratio Loans FHA loan Equity 104