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Ford Realty – Boston Real Estate Google Reviews 2019/2020
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Selecting a Mortgage
- If you choose financing for the longest fixed period, like a 30-year-fixed, your interest rates will be higher, but long term loans like these are considered less of a risk. Another option is an adjustable rate mortgage (ARM), like a 5-year ARM, can help some borrowers qualify because the interest rates may be lower, but this does not reduce your risk level in the eyes of your loan representative.
- A mortgage lender will will typically sell loans up to $417,000 to Fannie Mae and Freddie Mac. This means that your lender will be less likely to make exceptions on these loans because of the Fannie Mae and Freddie Mac specifications. Loans amounting to greater than $417,000 are kept on a balance sheet for lenders making exceptions more likely.
- Your loan to value ratio is the percent of the loan you are requesting in relation to the value of the home you are purchasing. If you are looking for exceptions in any of the other 7 areas lenders look at this is one of the most important. You will want to make sure this ratio is as low as possible, so this means you will need a larger down payment.
- Your monthly housing cost plus all of the other monthly debt as a percentage of your income is you debt to income ratio (DTI). DTI can be as high as 43% if necessary, but having a low DTI is another critical factor in making exceptions in other areas. As a self-employed individual be sure to seek out a professional who knows how to analyze self-employed income sources, such as tax returns or business financial statements.
- Lenders look at what your reserves are after you close and typically like to see housing cost
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