You graduated college and have a great job. It is time to buy a home! As you look at your finances, you see that you can afford a mortgage payment. You may even calculate 28% of your gross monthly income to determine how much house you can afford. There is one problem if you have student loans, Read more
Is Your Mortgage a Non-Recourse or Recourse Debt?
What happens next after your lender takes possession of your home in a foreclosure or short sale? It depends if your mortgage is a non-recourse or recourse debt. Under a non-recourse mortgage, the lender is generally refrained from taking any action after seizing the property. A recourse mortgage, Read more
Obtaining a Mortgage with Deferred Student Debt
A good debt ratio is the key to qualifying for a mortgage. Every monthly debt you have increases this ratio. You might not know that even loans that are not currently due affect your debt ratio as well. This includes deferred student debt. Even if you have several years before your loans are due and Read more
What is the Debt-to-Income Ratio?
Lenders look at a lot of factors when determining if you are a good candidate for a mortgage. One of the most important factors aside from your credit history is your debt-to-income ratio. This ratio helps the lender understand how much of your monthly income you already committed to other Read more
