Buyers, Sellers and Borrowers,
We in the mortgage biz watch interest rates day-to-day, even
hour-to-hour, as we strive to provide clients with well-reasoned choices. But
compared to the task of predicting where rates will be in a few months, our
short-term job is easy. Not only do we have a shaky Greek sovereign debt to
worry about, we have an even less predictable U.S. political process to worry
aboutâ€”and the 2012 campaign is upon us. It seems to me and others, as a result,
a good time for clients to arrange the financing now that may need to be nailed
down in the foreseeable future.
An article of interest and if it comes together could benefit
many that others have been shut out of saving money.
Contact me anytime â€¦
Fairfax Mortgage Investments
www.fairfaxmtg.com orÂ www.bethanybeachlender.com
How to get a buyers Debt to Income (DTI) ratio belowÂ Fannie and Freddieâ€™s guide lines at no risk. DTI is the ratio of monthly bills to monthly income and today anything higher than 45% wonâ€™t fly these days for qualifying.Â
Example $10,000 in household income means buyers has $4500 in gross income to qualify for a mortgage and other debts such as car payments, taxes, insurance, credit card debt, loans etc.
Instead of lowering the price of inventory not moving â€“ lower the rate to help the buyer qualify and write it in the contract to protect all involved.Â Â Show your buyers how youâ€™ll save them money over the years, show your Sellers how you are working with professionals to sell their listing.
I provide these reports as part of my business partnerships and they are online and shared with agents, sellers, buyers, CPAâ€™s and Financial Advisors.
Fairfax Mortgage Investment