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SCHMIDT TEAM
VIDEOS

The Schmidt Team offers mortgage services for California consumers. Based in San Diego our branch prides its self on delivering a world-class customer experience, while offering a wide variety of mortgage programs at a competitive interest rate.  

Let's Talk Credit & Income With Tracie Schmidt & Daniela Duta
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Let's Talk Credit & Income With Tracie Schmidt & Daniela Duta

Let's Talk Credit & Income With Tracie Schmidt & Daniela Duta. Total monthly mortgage payments are typically made up of four components: principal, interest, taxes, and insurance (collectively known as PITI). Each mortgage loan program when you are purchasing a home has it's own debt to income ratio guidelines. What is a debt to income ratio? It is taking the total gross monthly income of the qualified buyers on the purchase loan application and factoring in the current monthly mortgage payments they have already reporting on the credit report along with the estimated total payment on the new mortgag amount. If a buyer looking to refinance or purchase a home cannot qualify documenting their income there are programs that allow you to use deposits on bank statements,1099s only, verifications of employment or a no income/no ratio loan. Each mortgage loan program when you are looking to buy or refinance a home also has its own credit score guidelines. You can look to purchase a home with a credit score as low as a 500. The myth of buying a home is that you need over a 700 credit score and that is just not true. You can get conventional financing with a credit score as low as a 600. The best thing to do if you are thinking about buying or refinancing a home is to have a licensed mortgage loan officer like Tracie Schmidt with The Schmidt Team empowered by NEXA mortgage do either a soft pull or a hard pull of your credit to see what credit scores you are working with and what debts report on the credit report to help factor in the debt to income ratio. For more information you can contact Tracie Schmidt Loan Officer & Advisor NEXA Mortgage NMLS #269424 Call: 858 336 5200 www.schmidtteammortgages.com To get a FREE copy of my book Making Mortgages Easy please visit https://www.makemortgageseasy.com
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