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Did You Know: Five Factors That Lenders Won’t Even Consider When Assessing You For a Mortgage

Did You Know: Five Factors That Lenders Won't Even Consider when Assessing You for a MortgageAre you thinking about buying a new home? If you’re going to apply for mortgage financing, you can rest assured that your lender will be checking in to your credit history, income and other items in order to assess your ability to manage this debt.

However, there also quite a few variables that they won’t inspect during the due diligence process. In today’s blog post we’ll look at five factors that a lender or mortgage underwriter won’t consider when assessing your suitability for a mortgage loan.

Your Family Status

It’s against the law for lenders to make any special considerations as to your family status, whatever it might be. Both the Fair Housing Act and the Equal Credit Opportunity Act protect you from discrimination in regards to your family status.

Your Age or Race

Similarly, lenders cannot factor in your age or your race when assessing your suitability for a mortgage loan. Whether you’re a first-time homebuyer who has just graduated from college or a retiree looking to purchase that dream condo on the beach, age will not be a factor in your mortgage application.

Shopping Around with Other Lenders

While you might have heard that checking your credit too often can cause issues with your credit score, this isn’t the case when shopping around with multiple mortgage providers.

Only the first “hard inquiry” on your credit by a mortgage lender in a two-week period will count against your score; after this, the credit agencies will assume that you’re doing comparison shopping with other providers and avoid factoring these checks in.

Unemployment and Other Unstable Income Sources

If you have sources of income that are deemed irregular or unstable, such as a small side business or unemployment income, it’s a safe bet that these will not be considered as income when your mortgage application is assessed. As the typical mortgage loan is repaid back over 10 to 20 years, lenders and underwriters are looking for stability in your ability to pay.

Any Non-Borrower’s Income

While it can certainly be helpful to have a spouse or other family member include their income along with yours to prove your repayment ability, unless they are listed on the loan as a co-borrower their income will not be counted.

If you have other questions, be sure to contact your local mortgage broker or other professional as they are an excellent source of quality information and expertise.

October 23, 2014 by · Leave a Comment

Moving to a New City? Tips for Finding a Family-friendly Community to Buy Your New Home In

Moving to a New City? Tips for Finding a Family-friendly Community to Buy Your New Home InIf you’re moving to a new city with children, one of your likely considerations is finding a family-friendly community where you can settle in and call home.

In this post we’ll share a handful of tips that you may find helpful if you’re searching for a family-friendly neighborhood in a new city.

Check Out The Quality Of Local Schools

Schools are one of the cornerstones of a community and high-quality schools are a sign that a community is suitable for your family. When you’ve made your short list of communities that you are considering, take some time to research the local elementary or high schools to see how they stack up against other schools in the surrounding area.

You may also want to connect with the school’s principal or dean to ask about the environment and whether or not it would be suitable for your children.

Look Around For Local Churches And Other Community Groups

Great communities are those which are filled with engaged citizens who are actively working to better the area for everyone. When you drive through a community that you’re considering, look around to see if there are churches and other groups that get local residents together on a regular basis.

You may find that these groups make for an excellent welcoming committee who can introduce you to the area and help to get your family settled.

Parks And Other Gathering Spaces Are A Good Sign

Another excellent way to determine if a community is suitable for raising a family is the number of nearby parks and public gathering spaces. You’ll want to ensure that your children have a nice area to run around and play with your family pet, or that you have a nice park in which to have the occasional picnic lunch to spend some quality time together.

When In Doubt: Ask The Locals

If you’re visiting a community or touring through homes, spend some time talking to the locals to hear their thoughts and opinions on how family-friendly the local area is. If you haven’t yet, you should also connect with a local real estate agent who can share the ups and downs of the community you’re thinking about moving to.

Follow these tips and trust your instincts, and you’ll be able to find a great new community that makes a perfect home for your family.

October 22, 2014 by · Leave a Comment

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