How A Mortgage Calculator Can Keep You Out of Trouble

July 28th, 2016

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If you type “Mortgage Calculators” into Google you will get over 2 million results and Google’s simple mortgage calculator at the top. The Google mortgage calculator will give you a rough idea of mortgage monthly payments based on a simple calculation of the interest rate and mortgage term. It doesn’t answer any details, like: how many payments do I have to pay in order to pay off my mortgage? In 15 years how much mortgage will I have left to pay if I increase my monthly mortgage payment? What happens if you want to increase or decrease the interest rate, or change the amount of years of your home loan? With all the mortgage loan calculators out there isn’t it best when you can see the big picture of your home loan payment and how it can work for you. Read the rest of this entry »

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Contingent Liabilities Counting Against A Mortgage

August 31st, 2015

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A contingent liability is a potential liability. For example, if a parent guarantees a child’s car loan, the parent has a contingent liability. If the child makes the car payments and pays off the loan, the parent will have no liability. If the child does not make the payments, the parent will have a liability. The same scenario would hold when one party co-signs a mortgage for another party. Having a liability like this show up on your credit report can count against you when qualifying for a mortgage, even if the Read the rest of this entry »

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Paying Off Credit Cards Monthly

September 24th, 2012

There is a new underwriting rule change that is going to be very painful for mortgage borrowers. It has to do with open 30 day charge accounts. The rule says for open 30 day charge accounts that do not reflect a monthly payment on the credit report, or 30-day accounts that reflect a monthly payment that is identical to the account balance, lenders must verify borrower funds to pay off the account balance. The documented funds must be in addition to any funds required for closing costs and cash reserves. This is very important. It used to be Read the rest of this entry »

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