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24 • July 2018 • UPBEAT TIMES, INC. S baseball


Coach The Do’s and Don’ts of Buying a Home! JOKES & Humor # 7 The Mortgage


chool is out and summer is here stretching daylight into the night. Like sea-


son, traditional home buying season is in full swing. Home values


continue to rise. Many factors play into this upward trend, but the un-qual- ified buyers are not one of them. Ever since the financial melt- down of 2008, underwriting for mortgages has gotten tougher and tough- er. All loans need to be a Quali- fied Mortgage (QM) in order to fund. In order to be a QM, ev- erything must be documented,


verified, and re-verified. From income to debts, everything is scrutinized. Te borrower’s debt-to-income cannot exceed strict limits.


by Barry O'Meara of Santa Rosa, CA • barryo@stearns.com ment.


be stressful yet a rewarding ex- perience.


If the


loan does not meet the guidelines to fit QM, the loan won’t be funded. Te underwriter keeps the borrow- ers in check.


If


the income cannot be documented, it cannot be used. Any cash income or income from a non-borrowing spouse cannot be counted. Te only


income that can be used has to be paper trailed which has been reported on your taxes. Whether you’re buying your


first home or you’re a seasoned buyer, the whole process can


Yes, Home buying has


always been the cornerstone of building wealth. Owning a home forms a solid founda- tion for raising families and building stronger communi- ties. Owning a home protects you from rising rents. In other words, it adds stability to our lives. Here are some key steps you


need to take when planning on making that move. Get pre- approved and know what you qualify for.


It is a competitive


market so knowing how much you qualify for will help is the first step. Tis may seem simple but even the smallest mistakes can cost you a dearly in trying to close your loan. Here are a few things to keep in mind. Don’t quit or change jobs. Pri-


or to funding a loan, the lender will once again verify employ-


We have Positive Solutions to


Unforeseen Interruptions! From time to time mini fender benders and accidents occur when you least expect them. And they do happen. We are a positive solution to these annoying interruptions. We hope you don’t have to call us. But if you do... We’ll be ready!


showed to qualify for the loan, they will also verify.


those taxes you If they


can’t verify the income, they can’t use it. Your loan won’t fund. Te most important part of that debt-to-income ratio is the income. Keep your income stream consistent. Te other big “don’t”, is incur- ring new debt.


Even though


your loan may be approved, the lender will “refresh” your credit prior to funding. Any new credit inquiries will need a letter of explanation stating no new debt. Do not open a department store credit card even if they are offering you 10% discount. Saving 10% on a $200 purchase could cost you dearly in closing your loan on time. Don’t buy a car until your


loan is closed. Most car pay- ments can make a huge differ- ence in your debt-to-income ratios. If you did a trade-in and they paid off your old car loan that you were qualified on, you will need to re-document your whole debt-to-income ratio. Again, this will add delays to funding your loan. So, if you are planning to


make any moves this sum- mer, keep your credit in check, your income consistent and don’t incur any new debt. As


My husband was waterskiing when he fell into the river. As the boat circled to pick him up, he noticed a hunter sitting in a duck boat in the reeds. My husband put his hands in the air and joked, “Don’t shoot!”


The hunter responded, “Don’t quack.” ~


My girlfriend and I often laugh about how competitive we are.


But I laugh more. ~


I bought one of those tapes to teach you Spanish in your sleep. During the night, the tape skipped. Now I can only stutter in Spanish.


Steven Wright


we swing our way through the summer months, let your pur- chase offers be accepted, your financing close smoothly, and let’s see if the Giants will again be successful champions!


Barry ‘O


5800 Guerneville Rd Sebastopol • 829-2477


24 • July 2018 • UPBEAT TIMES, INC. The secret of success in life is for a man to be ready for his opportunity when it comes.~ Benjamin Disraeli


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