The Mortgage Coach


C


hilled to the bone! That is how winter hits


me. Can’t seem to get warm enough, but the sound of a winter storm, while cozily wrapped in a blanket, enjoy- ing a warm beverage is com- forting. Winter sets the mark for the New Year, new begin- nings and setting new goals. If buying a home is on your list for 2019, time to get organized. Owning a


home has al- ways been the traditional way to build wealth.


It


adds stability to our life. It is the place we raise our families, and


build our communities. The fallout from the financial meltdown and the free-fall of the housing market may lead some to question this tradi- tional thought; but year after year, the housing market has been the pulse of a healthy economy. The stock market may make radical swings-- reacting to daily events, but your home’s value guides your confidence in the econ- omy. We purchase a home for the long haul. The loose lending guidelines


that fueled the bubble have been tightened and regulated away. The Dodd-Frank Act has instilled stricter guide- lines that require the lender to demonstrate “ability to repay” and provide enough time for


HOME&GARDEN Get Ready!


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


the borrower to “know before you owe”. Ability to repay is simple -


show me the income! If the income does not show on your taxes, it cannot be counted. Lenders can no longer orig- inate a loan based on stated income. Two years of a con- sistent income must be veri- fiable. This means w-2s and paystubs. Self-em - ployed bor- rowers need to provide two years taxes. Lend- ers might only ask for one year, but don’t count on it. I have seen some loans out


there that will use alternatives to calculate your income to qualify, but those are going to be higher cost loans. If you want the lowest cost loan, prove the income.“Know be- fore you owe”. The pinnacle of TRID (TILA/RESPA Inte- grated Disclosure)! This is the statutory rule that requires you to review your Closing Disclosure (CD) at least three days before you sign your loan documents. This rule is the biggest stumbling block in lending. Lenders have been dealing with coordinating is- suance of the CD and getting loan documents out to title. On the surface this may not seem like a big deal-- but try- ing to coordinate and confirm title fees, issue a CD, verify


when the CD is received, and wait three days - just to set-up a time to sign loan documents takes a bit of precise timing! These three days do not count holidays or Sundays. Add the fact that you have a purchase contract date to meet; you may feel like you are running a relay race laden with hur- dles!


Being prepared is essential


for a quick loan approval. You are better prepared to act quickly, knowing what the underwriter needs. If you are self-employed and want to qualify for a larger loan, you’ll need to show enough income. It is tax season now, so make sure your income on paper reflects the income you need to qualify. If you are self-employed,


keep your personal assets separate from your busi- ness assets. If personal and business are mixed, there will be more condi- tions, delaying the process. Do not make an earnest money deposit for your pur- chase with a business check. As we wait for warmer days, put down the blanket and warm drink, and get pre-approved! Put your best foot forward and get the best rate possible. Keep your credit score high,


and your assets seasoned. If you need gift funds, find out how much you’ll need and get everyone on the same page.


If you need more income, check into getting a co-borrower. Sometimes it takes a village to buy a home.


Tere is no need for temples, no need for complicated philosophies. My brain and my heart


are my temples; my philosophy is kindness. Dalai Lama


Santa Rosa • 2875 Santa Rosa Ave. • 525-0569 www.lazboy.com/santarosa


There is more wisdom in your body than in your deepest philosophy. Friedrich Nietzsche UPBEAT TIMES, INC. • February 2019 • 25


ABOUT: Athens is the capital of Greece. It was also at the heart of Ancient Greece, a powerful civilization and empire. The city is still dominated by 5th-century BC landmarks, including the Acropolis, a hilltop citadel topped with ancient buildings like the colonnaded Parthenon temple. The Acropolis Museum, along with the National Archaeological Museum, preserves sculptures, vases, jewelry and more from Ancient Greece.


upbeat@upbeattimes.com


Upbeat Times in Athens, Greece!


*Excludes advertised items, clearance, hot buy, special offers. Min. purchase $4,999 with 36 equal monthly payments. $2,999 for 18 month or $999 for 12 months deferred interest on your La-Z-Boy credit card between 2/5-2/25/19 on approved credit. See store for details.


GOING ON NOW THROUGH PRESIDENT’S DAY!


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32