1. Improve your Credit Score
If you’ve had trouble paying on time, missed mortgage payments, have a BK or even a foreclosure, don’t fret – banks are still willing to you lend you money! Easy tip? Pay credit cards down to 30 percent of their limit – this can boost your score very quickly. (Within 30 days) A better credit score means a better rate and a lower payment.
2. Source your Cash
Most top tier banks require just two months worth of seasoned cash (hold the salt please). What this means is, they just need to see it in your bank account for the last couple of months. Just like a good seasoned dish, it sits for a while and has time to marinate. So yes, if you want to use it, let your cash sit for a while – it just makes life so much easier. Banks that require sourced funds are considered top tier lenders – the ones that will offer the absolute lowest rates in town.
3. Call your Loan Officer Before your Tax Advisor
What? Haven’t heard this one before have you? Let me explain. If you’re self-employed like me, you know the wicked games we play (song reference) with the IRS. It’s really a love-hate relationship. You love to write off everything, but you hate that you can’t qualify for a loaf of bread let alone a loan on your home. And that’s because banks don’t care how much money you bring in, all they care about is the bottom line number – Our good friend… the adjusted gross income. So what’s the solution? Well you have to come to grips with the fierce reality, if you don’t show the income, you can’t qualify for that mortgage. So before you get your taxes done, call your Rockin’ Loan officer, Dan Felico. I can tell you what the maximum amount you should write off to qualify for your mortgage. Yes, this may mean thousands more to the IRS – but consider this the cost of doing business. Banks that require you to verify your income will offer you the most competitive interest rates available – let me show you how to get the competitive edge and save the maximum amount on your mortgage!
No – I’m not licensed to give tax advice, but I am licensed to tell you how much you can afford on a mortgage. So Let’s talk!
Call 661-418-RATE(7283) and learn more money saving tips at www.DansRockinRate.com.