At Home in Berks - June 2017 - 12

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ISSUE: 1706
ORG/PUB: At Home in Berks
CAMERA READY: 1706
PICKUP (WITH NO CHANGES): 1706
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AD SIZE CONTRACTED: 1/4 V
DIMENSIONS: 3.5625" w x 4.833" h

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monthly debt can be calculated by multiplying one's
gross income by 0.36 and then dividing by 12. It may be
difficult to stay within a 36 percent guideline in regions
where the home prices are higher, although some lenders will allow a debt-to-income as high as 45 percent.
Additionally, there are some mortgage programs, such as
Veterans Administration mortgages and Federal Housing Authority mortgages, that allow a ratio to exceed 36
percent. Bear in mind that a higher ratio could raise the
interest rate, so it may be better to go with a less expensive house. It is also in the borrower's best interest to pay
off as much debt as possible before even shopping for
a mortgage, as it can help them achieve a lower debtto-income ratio.
*	 Down Payment Percentage.  Many lending institutions
will let a buyer purchase the home with a significantly
smaller down payment, but paying at least 20 percent
of the home's purchase price up front will minimize the
insurance required. Buyers who can make a larger down
payment are able to purchase more expensive houses,
and 20 percent or more can help buyers avoid mortgage
insurance altogether. The mortgage payment is directly
impacted by the down payment, and also by both backend and front-end ratios.

Information a Prospective Lender will Require

Regardless of what lender you approach, you'll be required
to provide a good deal of information before you'll be
considered for a mortgage. Mortgage lenders must follow
specific guidelines before approving a loan. Getting your
information to your prospective lender in a timely fashion
is a must, said Mary Schwoyer, executive vice president and
regional sales manager for Fulton Mortgage Company.
"It is extremely important that you respond as quickly as
possible with lender requests for documents," Schwoyer
said. "A delay in getting the information to the lender
could cause delays in your settlement. The information that
a lender may request is usually a requirement for your loan
program, so it is not negotiable."
Information you'll need to provide and some tips to help
you navigate the mortgage process is given below:
*	 Credit Report.  As a borrower, it is important to obtain
credit reports from each of the three major credit bureaus, and examine them carefully. Incorrect information can cause higher rates, or keep the borrower from
getting a mortgage altogether. It's estimated that over 40
percent of all credit reports contain errors. Any discrepancies need to be corrected as quickly as possible.

12

AT HOME IN BERKs June 2017

MARTIN

ISSUE: 1706
ORG/PUB: At Home in Berks


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Table of Contents for the Digital Edition of At Home in Berks - June 2017

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