As a mortgage broker we access to many lenders. Each lender has - TopicsExpress



          

As a mortgage broker we access to many lenders. Each lender has very different set of rules. Here is one example comparing a non bank lender with A+ rates to a Big 5 lender in regards to separation support payments... Just because your bank said NO doesnt mean you cant be approved... Option 1 Big 5 Bank. Before Offset Mortgage Payment (PITH) $1,500 Monthly Credit Obligations $500 Monthly Support Payment $1,000 Monthly Income $6,000 TDS: 50% (No Deal!) Option 2 Non Bank lender. After Offset (Reduce the monthly income by the monthly support payment and remove the support payment from the liabilities). Mortgage Payment (PITH) $1,500 Monthly Credit Obligations $500 Monthly Support Payment $1,000 $0 Monthly Income $6,000 $5,000 TDS: 40%(Approved!) The difference is purely how one lender vs another treats child support payments.
Posted on: Tue, 24 Jun 2014 14:45:00 +0000

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