Jan 4th, 2020 – The Holiday bills are headed out why now, don’t panic we may have some solutions

On this week’s Handling Change, Wes Oliver joins Joe to talk about the types of Refinancing available and how holiday spending can put you behind the 8 ball.. but the equity if your house may be able to help get your finances under control.

Handling Change every Saturday at 7:30 am on WCRN 830 AM and anytime at HandlingChange.info

Prestige Home Mortgage LLC
6 Maple Street, Suite 202
Northboorugh, MA 01532
Toll Free: (800) 960-7107
Office: (508) 366-4006
Fax: (508) 635-6916
Email: info@prestigehomemortgage.com

 

Dec 21st, 2019 – Wes Oliver from Prestige Home Mortgage

The holidays are here and the bills are not too far behind.

Wes Oliver joins Joe to talk about using the equity in your home to consolidate your bills

Spending gets to the next level for some and put costs on high interest credit cards. Can turn them into a low fix rate mortgage

Time to reflect back and refocus on the upcoming… get out from some of the debt with a TAX deduction too!

Real easy to get an idea of refinancing.. really about the math.

What is a Rate/Term and a Cash Out?

November is Veterans Month… special offer for our Veterans

On this Veterans Day month.. Wes Oliver joins Joe with a special offer for our Veterans..

Prestige Home Mortgage has a dedicated Veterans Home Loan division… they are specialists in VA loans.

A VA loan is a type of government guaranteed mortgage. VA loans are mortgages and home loans insured by the federal government, specifically, the mortgage product is insured by the US Department of Veterans Affairs (Veterans Administration). VA home loans are zero down mortgages that require no money down to purchase.

10.05.19 How does your Insurance play in purchasing a new home?

Wes Oliver and Paul Cantiani Jr join Joe in studio to talk about how Insurance plays a roll when purchasing and qualifying a new home.

It is important that your Insurance agent is aware of the property and coverage you’ll need to protect your money and interest.

And it’s important that the Mortgage Broker knows the premiums required to protect you, they play a role int he qualifying ratios

Check out Handling Change site on regular basis for great tips, info and advice that helps you hack your life.

7.20.19 Wes Oliver of Prestige Home Mortgage on current rates.. they have dropped .. what does that mean to you?

Wes Oliver from Prestige Home Mortgage joins Joe to talk about the low rates! .. Yes Rates have dropped.

This can give you more Purchase Power or let you Refi out of PMI and that higher rate.. and some other great tips and tricks.

You can hear Wesl on the 3rd Saturday of each month on Handling Change at 7:30 am on WCRN 830 AM

Handling Change is a weekly Vignette Aired on WCRN am 830 & WACE am 730 Saturdays at 7:30 am.

Follow the show on Twitter at @Talkingchange4u 

We rotate our Experts weekly.  Each week one of these Leaders in their own industries joins Joe to give you the very best in advice, tips and guidence thier years of experience and expertise can offer.

Eldercare Law: Chris Murray of the Daniel Murray Law Office

Insurance: Paul Cantiani Jr of The Cantiani Insurance Group

Real Estate: Brian Carpenter of 1 Worcester Homes

 

7.6.19 Wes Oliver and Paul Cantiani Jr Team up to

Wes Oliver of Prestige Home Mortgage and Paul Cantiani Jr of Cantiani Insurance team up together with Joe in studio to talk about how your mortgage and insurance need to come together when purchasing, qualifying and closing on new property.

You can hear Paul on the 2nd Saturday and Wes on the 3rd Saturday of each month on Handling Change at 7:30 am on WCRN 830 AM

Handling Change is a weekly Vignette Aired on WCRN am 830 & WACE am 730 Saturdays at 7:30 am.

Follow the show on Twitter at @Talkingchange4u 

We rotate our Experts weekly.  Each week one of these Leaders in their own industries joins Joe to give you the very best in advice, tips and guidence thier years of experience and expertise can offer.

Eldercare Law: Chris Murray of the Daniel Murray Law Office

Insurance: Paul Cantiani Jr of The Cantiani Insurance Group

Real Estate: Brian Carpenter of 1 Worcester Homes

Call in line: 508-871-7000 

On the Web at HandlingChange.info

Email: Handlechange@gmail.com

Follow us on Twitter: @TalkingChange4u

Facebook: @TalkingChange4U

Show Number: 508-296-5445

 

What it takes to get approved for a mortgage

Handling Change airs at 6:30 and 7:30 each Saturday on WCRN 830 AM

Fist, we have some great info and tips for your personal finances and overall personal landscape.

This week we take a look at what it takes to get a mortgage.

Before completing a mortgage application or even strolling through an open house, you’ll want to know these things:

Your monthly income
The sum of your total monthly debt payments (auto loans, student loans and credit card minimum payments)
Your credit score and any credit issues in the past few years
How much cash you can put down
How much house you can afford (Use our simple calculator to estimate this.)
1. Calculate your income and your monthly debt obligations
The first step in preparing to apply for a mortgage is to document your monthly income and debt payments. You’ll need to provide at least two weeks of pay stubs to your lender, so it doesn’t hurt to start collecting those. If you’re self-employed or have variable income, expect the underwriting process to be a bit more involved. You may, for example, have to submit copies of your past one or two tax returns. The lender may then count the average of your last two year’s income or the lower of the two numbers.

Getting approved for the mortgage you want is all about staying within certain ratios lenders use to determine how much you can afford for a mortgage payment. Large debt payments (like an auto loan or big student loans) will limit the size of the mortgage approval you can get. If possible, pay these loans off or, at the very least, avoid taking any new loan payments on.

2. Give your credit health a checkup
Before applying for a mortgage, obtain both your credit score and your credit history report.

You’ll want to verify there are no errors on the report or recent derogatory items like late payments. Since you may spend months shopping for homes, you might want to consider subscribing to a service that provides regular credit report monitoring for around $20 a month. You can cancel this after you close on your home.

As for your credit score, your estimated FICO credit score should be at least 680 and preferably above 700. Anything less and you may need to find a highly-qualified cosigner or take time to improve your credit before getting mortgage approval. The lower your credit score, the higher the mortgage rate you’ll pay.

If your credit is just under 680, you may consider an FHA loan. These government-insured loans allow lower credit scores and much lower down payments, but there are significant additional costs.

Finally, do not apply for new credit in the few months leading up to your mortgage application. Banks get suspicious if it looks like you’re piling on the new credit. My mortgage broker once told me that even getting a credit check for a new cell phone plan could require a letter of explanation to your mortgage lender.

3. Determine your mortgage budget
Before ever speaking with a mortgage officer, you’ll want to determine how much house you can afford and are comfortable paying (two different things!).

A good rule is that your total housing payment (including fees, taxes, and insurance) should be no more than 35 percent of your gross (pre-tax) income.

For example, if together you and a co-buyer earn $80,000 a year, your combined maximum housing payment would be $2,333 a month. That’s an absolute, max, however. I recommend sticking with a total housing payment of 25 percent of gross income. You’ll find other readers here who are even more conservative.

It can be difficult to equate this monthly payment to a fixed home price, as your monthly housing payment is subject to variables like mortgage interest rate, property taxes, the cost of home insurance and private mortgage insurance (PMI), and any condo or association fees.

4. Figure out how much you can save for a down payment
Next, determine how much you can save for a down payment to put towards your first home. In today’s market, expect your mortgage lender to require at least a 10 percent down payment unless you’re getting an FHA loan or another special program loan.

If you have it, consider putting 20 percent down to avoid private mortgage insurance (PMI)—costly insurance that protects your mortgage lender should you foreclose prior to building sufficient equity in the property.

Commit to the maximum you want to spend before beginning the mortgage approval process. Real estate agents, your own desires, and some unscrupulous mortgage lenders may try to tempt you into buying a more expensive home than you can afford, perhaps rationalizing the decision by reminding you that real estate is bound to appreciate. That may happen, but I would take a smaller payment you can afford in good times and bad over a bigger one that you may lose in foreclosure.

When and where to apply for your mortgage
You can meet with a mortgage lender and get pre-qualified at any time. A pre-qual simply means the lender thinks that, based on your credit score, income, and other factors, you should be able to get approved for a mortgage. It’s informal and totally non-binding.

As you get closer to buying a home you’ll want to seek pre-approval. You can meet with a local bank, credit union, or mortgage broker. Or you can even get pre-approved online from any number of national online mortgage lenders.

Wherever you go, this pre-approval isn’t binding, but it’s a formal(ish) indicator of your ability to get approved for a mortgage. Most sellers will want to see a pre-approval within a couple days of receiving your offer.

Read more at: https://www.moneyunder30.com/get-approved-for-a-mortgage

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