Wednesday, January 25, 2012

Tax Refunds as Assets

It's almost tax refund time. Many people ask us if tax refunds can be used to pay for a mortgage down payment or closing costs.

The answer is YES! All a borrower needs to do to document the tax refund is to provide a copy of the refund check and a bank statement showing that the refund has been deposited into their account. If the refund was automatically deposited into their account, they won't have a copy of the check, but the notation on their bank statement will show that it is a tax refund. In the case of automatic deposits, the only documentation necessary is the bank statement.

The money does NOT have to be "seasoned", meaning it has been in their account for 60 days. As soon as the refund has been deposited, it can be used to pay the down payment or closing costs.

Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Make sure you check out our web site:
www.mtgsupportservices.com


By the way, don't forget to refinance your current mortgage. Rates are very, very low right now. Don't miss out! Call us today to get the details for your particular situation.

Thursday, January 19, 2012

Real Estate Agents - Expand Your Sphere of Influence

By popular demand, one of the greatest ways to expand your sphere of influence is BACK!

If you're a Denver area real estate agent and you have a question about mortgages or credit reports, send us the question. If we choose your question, we'll answer it in our next email newsletter, AND we'll deliver a $25 Starbucks card to you as a way of saying "Thank You" for helping to expand the knowledge base of our local real estate industry.

We'll also include your name and contact information in our newsletter, which goes to more than 6,000 local people. We'll also post your question and contact information on our blogs, giving you outrageous exposure to thousands of people interested in real estate - buyers, sellers, and people who work in the industry.

Here's what you get, just for asking a question about mortgages:
  • $25 Starbucks card - delivered to you personally.
  • Your name and contact information sent directly to 6,000 Colorado Front Range people.
  • Your question and contact information on our mortgage blog. We had 20,446 people visit our blog in 2011 - that's an average of 56 visits per day!
  • Your question and contact information on our blog at Active Rain, a real estate blog with more than 210,000 members.The correct answer!
  • A chance to help expand the local real estate knowledge base.
All you have to do is email us your question. We take care of everything else.

Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Make sure you check out our web site:
www.mtgsupportservices.com


By the way, don't forget to refinance your current mortgage. Rates are very, very low right now. Don't miss out! Call us today to get the details for your particular situation.

Debt-to-Income Ratio (DTI) - What Counts Against You?

The debt-to-income ratio (DTI) is the ratio of your debts divided by your income, and is one of the main things that determines how large a mortgage you can qualify for. But do all of your debts count against you?

The answer is no, not all debts count against you when determining the size of the mortgage you can get. Here is a list of some of the things that do NOT count against you when a lender calculates your DTI:
  • car insurance
  • electricity
  • water
  • gas
  • sewer
  • phone - land line
  • phone - cell
  • Internet 
  • cablecollection accounts
  • health insurance 
In basic terms, every debt that appears on a credit report (except collection accounts) needs to be included in the DTI, and everything that does not appear on the credit report does not need to be included.

Call us with any questions.

 
Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!


Make sure you check out our web site: 
www.mtgsupportservices.com

By the way, don't forget to refinance your current mortgage. Rates are very, very low right now. Don't miss out! Call us today to get the details for your particular situation.

 

Friday, January 6, 2012

No W-2? No Problem

We get many calls this time of year from borrowers who are worried that they can't get a mortgage because their lender told them that they need their W-2 for 2011 and they haven't received it yet from their employer.

Employers have until the end of January to give W-2s to their employees and underwriters know that, so instead of a W-2, underwriters will accept the final pay stub for 2011, provided it shows the year-to-date income. The year-to-date income on the final pay stub will be the total income for the year, which is the same number that the underwriter takes from the W-2.

So don't worry if you have not received your W-2 yet. You can still get a mortgage without it.

Call us with any questions.

Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Make sure you check out our web site:
http://www.mtgsupportservices.com/

By the way, don't forget to refinance your current mortgage. Rates are very, very low right now. Don't miss out! Call us today to get the details for your particular situation.