Steve Brown of First United Bank Mortgage discussed the consequences of forbearance and the ideal debt income ratio of a homebuyer who applies for a mortgage. Forbearance is when your lender allows you to pause or reduce your mortgage payments while you build back your finances. This pandemic causes the lenders to consider the forbearance but it’s a little bit tricky. Forbearance will show up in your credit report and it will somehow trigger the lender. To address this, you have to bring your mortgage to current. It may be difficult to understand, that’s why having a great realtor and lender helps you through the process and breaks it down to you. If you’re planning to have a second mortgage, it is always good to inform the new lender. He also shared with us what is the ideal debt to income ratio of a homebuyer who applies for a mortgage. The lenders prefer the mortgagee to have a total debt of 36% or less and revolving debt like credit cards to 49% debt income ratio.
To schedule a FREE real estate specialists consultation please contact Darryl Baskin of Baskin Real Estate Specialists powered by eXp Realty.
DARRYL BASKIN
Baskin Real Estate Specialists, eXp Realty
Email: darryl@darrylbaskin.com
Tel: 918 258 2600
Tel: 918 732 9732
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