Insert Tick in the Home Loan Application and eSign it in minutes

Aug 6th, 2022
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How to Insert Tick in the Home Loan Application

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Hows it going everyone? Matt Leighton, welcome back to another video. In this episode, we are talking mortgages, lending. Im here with Rich Conlon from Atlantic Coast Mortgage. Say whats up Rich. Hi, Rich Conlon, Atlantic Coast Mortgage. Loan Officer. Born and raised in Vienna, Virginia. Love the area. Still live in the area. Just here to help out with my man Matt and help answer any questions. Awesome, whenever someone has a mortgage question further than What is the rate?, I just tell them to talk to Rich. I know a little bit about mortgagesbut today were talking about the top mistake people are making when theyre applying for a loan. You see all these loan commercials. Its funny, when we get the primer, one-sheeters on the list of things NOT to do. One of them is like, Dont go and buy a boat. Dont buy a new car. Im thinking to myself, nobody in the history of loans has ever gone under contract and then bought a boat the day after. Im sure it has happened. But it obv

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For example, some experts say you should spend no more than 2x to 2.5x your gross annual income on a mortgage (so if you earn $60,000 per year, the mortgage size should be at most $150,000). Other rules suggest you shouldnt spend more than 28-29% of your gross income per month on housing.
ing to this rule, a household should spend a maximum of 28% of its gross monthly income on total housing expenses and no more than 36% on total debt service, including housing and other debt such as car loans and credit cards. Lenders often use this rule to assess whether to extend credit to borrowers.
5 Personal Loan Requirements To Know Before Applying Credit Score and History. An applicants credit score is one of the most important factors a lender considers when evaluating a loan application. Income. Debt-to-income Ratio. Collateral. Origination Fee.
Lenders call this the front-end ratio. In other words, if your monthly gross income is $10,000 or $120,000 annually, your mortgage payment should be $2,800 or less. Lenders usually require housing expenses plus long-term debt to less than or equal to 33% or 36% of monthly gross income.
Steps to help you get approved for a mortgage include getting a cosigner, waiting for the economy to improve, improving your credit score, looking at less expensive properties, asking the lender for an exception, and considering other lenders and FHA loans.
Initial Application The application package typically has between 26 and 38 documents for you to sign. These documents will include the interest rate, terms, and costs of your loan. We recommend that you closely review these documents. This process typically takes 1-4 days.
The 4x Rule: If you do not have a large amount of debt to pay down and you spend less than 20% of your monthly income on bills, you may qualify for a home loan that equals up to 4-times your annual income.
A good way to remember the documentation youll need is to remember the 2-2-2 rule: 2 years of W-2s. 2 years of tax returns (federal and state) Your two most recent pay stubs.

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