Do not let common roadblocks affect your mortgage.
Applying for a home loan requires a tremendous amount of documentation and it can be challenging to keep on top of all the paperwork. You can expect to show everything from full tax returns, pay stubs, bank statements, credit reports, debt, income, and assets. With such an extensive look into your monetary history, this can leave you vulnerable to obstacles in your mortgage application process. Here’s how to beat them:
- Changes in Income
If the underwriter at the loan company determines that your income is lower than what the loan originator said it was, you can provide a written verification of employment. This breaks down your wages and is especially helpful if you are an hourly employee with fluctuating income from bonuses and overtime. Lenders normally require two years of consistent income history when reviewing a loan application for approval.
- Too Much Debt
If your debt-to-income ratio is too high, you may need to reevaluate the mortgage that you are applying for. You can also reduce the payment on your mortgage, reduce or remove payments on consumer loans, or reconsider the income. Your debt-to-income ratio should not exceed 45% in order to qualify.
- Paying Debt Off Incorrectly
When your credit card payments are paid off, you can reduce your payment-to-income ratio. When you pay off consumer debts to qualify for a mortgage, the accounts must be closed as well, which may have a negative impact on your healthy credit score. A good option is to obtain an updated credit report and make sure that each creditor that you have paid off reports to the credit bureau a zero balance and payment due.
- Negative Events on your Credit Report
If you have had a short sale within the past four years, it could stop your conventional loan in its tracks and you would have to apply for an alternative loan such as an FHA . Be sure to check your credit report to remove any anomalies. If you have issues in regard to your loan application, make sure you contact your loan officer immediately to explain the situation and resolve any issues that could impact the loan process.
Now that you successfully have a mortgage in hand (with the help of these useful tips!), you can finally purchase that dream home in the Los Angeles or Conejo Valley area. Contact me, Betsy Dittman, to find your dream home in California!
Shoppers, diners rejoice: The Village at Westfield Topanga is opening in September!
For months, locals have watched the construction at The Village at Westfield Topanga near completion. As storefronts were finished and a full list of 25 retailers was released in August, it became clear that we were nearing the official opening of this long-anticipated retail and dining location.
More recently, Westfield Corp. released information about the nearly 90 stores and restaurants that will be opening at The Village, including Crate & Barrel, REI, Drybar, Pressed Juicery, Sur La Table, Costco, Coffee Bean & Tea Leaf, and Paper Source. Additionally, and perhaps more excitingly, they also announced their official open date, and it’s just around the corner!
On September 18th, The Village opens to the public.
If you’re not too keen on waiting that long, don’t worry! Costco—which serves as the primary anchor for this shopping and dining destination—is opening tomorrow! You can also get in on the action early by participating in Westfield’s VIP preview, which is planned for the 17th.
Prior to the preview, some of the restaurants will be extending invitations to their “soft openings” scheduled for that evening.
Development crews have been working long hours to get the $350 million center ready for the upcoming opening. The Village is situated in the middle of Victory Boulevard, Erwin road, Topanga Canyon Boulevard, and Owensmouth Avenue.
Are you hungry for easier access to dining and shopping destinations like The Village? If so, contact me, Betsy Dittman! With years of experience in the local Los Angeles real estate market, I can help you find the perfect home that will make living your ideal lifestyle fun and easy! To learn more about the great properties available near The Village at Westfield Topanga, call me today!