Will I Qualify for a Mortgage? The 3 Fundamentals to a Mortgage Loan Qualification (4k)

Will I Qualify for a Mortgage? The 3 Fundamentals to a Mortgage Loan Qualification (4k). Mortgage Insurance Basics

Will I Qualify for a Mortgage? The 3 Fundamentals to a Mortgage Loan Qualification (4k) video duration 4 Minute(s) 31 Second(s), published by Ryan Fagan on 23 04 2017 - 01:53:07.

Learn the 3 fundamentals to a mortgage loan qualification
Knowing these three basics will help you plan financially to be ready when the time comes to buy a Curious about buying your first home? Contact me for more information: Luke Rozansky luke@rozansky.com www.lukerozansky.com.

Insurance is key in keeping you financially secure
Find out if Mortgage Reducing Term Assurance (MRTA) is the right insurance to cover you from your Join John Alexander and David Villarreal from Affinity Partnerships to get straight talk on home loans and mortgages
In this installment of 'Mortgage 101', we get This video is meant as an educational resource to prepare borrowers for the loan process
NMLS 1579
25 S Park Pl, Newark OH 43055.

Learn the 3 fundamentals to a mortgage loan qualification. Knowing these three basics will help you plan financially to be ready when the time comes to buy a home.

Number 1 - Credit Score (FICO)
Lenders will look at your credit score to see how responsible you are with debt. Typically you need to have at least a 580 to qualify for a mortgage.

Number 2 - Income
Lenders need to know you make enough money to pay the mortgage every month so Income is very important obviously. THis is done typically by using a debt-to-income calculation. Debt-to-income is the total of your monthly debts like credit cards, mortgages, car loans etc, divided by your monthly income. If you recieve salary from your employer lenders typically use your gross monthly income. If you are self employed they take your net income averaged by the last 2 years. Also keep in mind they want to see at least a 2 year job history. If you recently graduated college and then got a job your time in college can count as work history as well.

Number 3 - Equity
Lastly lenders will not loan you more money then the asset or home is worth. Different loan products have different maximum loan-to-value amounts or basically how much you have to put in a down payment. Typically the down payments are 0% for VA 3.5% for FHA and Conventional loans can vary, but normally 20% down will allow you to avoid private mortgage insurance.

Hopefully this information helps you plan for the future!

Check out my mortgage loan summary videos
VA LOAN https://youtu.be/nQaw0TFbnig
FHA LOAN https://youtu.be/Sk7ldI9y39o

If you have real estate or money questions leave them in the comments and we would love to help!

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