How Much Home Can I Afford?

December 13, 2009 by Rob Spring · Leave a Comment 

How much can you afford?
Deciding how much house you can afford is a personal decision. Many factors come into play. How much can I borrow?  How much can I put toward my down payment?  What size monthly payment can I afford? 
There are no black and white answers to these questions.  It’s a matter of give [...]

Being Pre-qualified vs. Being Pre-approved

December 10, 2009 by Rob Spring · Leave a Comment 

Are you ‘pre-qualified’ or ‘pre-approved’ for a loan?
 

Before you begin to shop for a new home, you should set up a time to meet with me so we can figure out how much you can afford. This will put you in a better position as a buyer. That’s when it is important to understand the distinction [...]

Loan Application Checklist

November 30, 2009 by Rob Spring · Leave a Comment 

Loan Application Checklist

In general, the documentation you will need for a “FULL DOC” loan:

 

(Download a copy of this list in PDF Format)
Documents needed for a Full Doc Mortgage- PDF.pdf

Property Information (if you already have a contract on a house)

 
Purchase Agreement (signed by all parties).

 
Copy of legal description and MLS sheet.

 
If you are selling your current [...]

The DO’s and DON’Ts When it Comes to Getting a Loan

November 23, 2009 by Rob Spring · Leave a Comment 

Things to avoid before buying a home or refinancing an existing mortgage:
Many new homebuyers make the mistake of rushing out to buy things to fill their home with as soon as the seller accepts their purchase offer and the lender pre-approves their loan. But there are still a few major hurdles to overcome before the [...]

What is my Debt to Income Ratio?

November 23, 2009 by Rob Spring · Leave a Comment 

Debt to Income Ratio
 
Your debt to income ratio is simply a way of determining how much money is available for your monthly mortgage payment after all your other recurring debt obligations are met.
 

Debt limit (Not necessarily a hard and fast rule)
There is generally a debt limit associated with each type of loan, such as a [...]