Tag: mortgage approval
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Facing a Troubled Economy—How Race and the Generations Intersect
The housing gap is getting more extreme as time goes on. Which means young people are having a harder time of it. Racial identity continues to be an overlapping factor.
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What’s All the Fuss About Home Buyers Tapping Their Retirement Accounts?
“I’m not a huge fan. Other people like it,” Trump told reporters. The topic? Home buyers raiding their 401(k) savings to come up with down payments. The remark created a stir. A Trump adviser had just appeared on the Fox Business channel, saying that a new federal plan would give people better access to their…
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The Fair Credit Reporting Act: Behind the Scenes When You Acquire a Deed
Getting a deed often depends on a credit report. That’s because credit history is essential to the outcome of a mortgage application. Wrong or breached data can lead to denied loans and other negative effects, like higher mortgage interest rates. There is some good news for an applicant who’s turned down. The applicant must be…
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Can a Criminal Record Stop Someone From Acquiring a Deed?
We begin with the short answer. No. There is no background check when you file a deed with the county recorder’s office. Nor does any government, be it local, state, or federal, put real estate off-limits to people simply on account of prior criminal charges or convictions. Because questions do come up about dealing with…
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Don’t Sweat the Small Stuff: No Need for Home Buyers to Walk Away Over These Common Issues
Understandably, house hunters look for “issues” as they search for the right homes. They wait with bated breath to scour the reports from inspectors, appraisers, and title reviewers. Any time a mortgage is involved, a lender requires a title search. Through this process, the deed’s history is traced, to check its integrity. The key question?…
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Buying a Home With Student Loan Debt in 2025
Do you have, or plan to have, student loan debt? Here’s a PSA for you: Yes, you can qualify for a mortgage, if you’ve determined homeownership is for you. More than 40 million people of the United States have student loan debt. And some 17 million of them are in the age category that produces…
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Bought a Home, Got Laid Off: Options for Homeowners Facing Financial Hardship
It’s possible to receive a final approval for your mortgage, make it through closing day, get your deed, and then… get laid off. It’s also possible to have an unexpected employment change before you close. When calamity strikes the innocent borrower, what’s next? What steps are best taken to make the path ahead bearable? Let’s…
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I’m a Senior, Looking for a Mortgage. Will I Be Treated Fairly?
Great question. The first thing to know is that the Equal Credit Opportunity Act is on your side! Under this federal law, lenders may not consider an applicant’s age as a reason to approve or turn down your application. Simply stated, seniors can get mortgages if they demonstrate their ability to make the monthly mortgage…
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All About DTI: How Much Debt Is Too Much If I Want to Buy a Home?
Receiving the deed to a home is a major milestone. Typically, it depends on an earlier milestone: the mortgage approval. Apply for a mortgage, and lenders will consider your debt-to-income ratio (DTI). Why the DTI? Essentially, the lender wants to know how much of your earnings you spend, using credit. A low DTI suggests that…
