No Income Verification Mortgage Rates
Question: Mortgage FAQs?
Having done mortgages for 18 years, here are some basics to be aware of:
a) Do not borrow more than you want just because your loan officer tells you “you qualify for it no problem”. Remember, you are making the payment not him/her
b) No income verification is NOT a substitute for getting a loan when you do not show enough income to qualify. If you have to lie, you should not be buying a house
c) Your house is an investment; thus, your mortgage should reflect responsibility toward current and future income, potential debts (i.e. car, personal loans, student loans, etc)
d) PayOption ARMS are NOT loans that you pay back at 1.25% — if the true rate were that low then fixed rate loans in the high 5’s / low 6’s would not exist — think about it for a second.
e) Be honest with your loan officer — the more forthcoming you are the more he/she can truly help you.
Helping people buy homes is a great job -contributing to their financial demise is something I cannot do.
Answer: This wasn’t a question. But I bet that you work or have worked for a subprime lender and are feeling a little guilty about some of their policies, right?
Legal Notices in the January 28th Edition of the St. James Plaindealer.
January 28th Legals