Tax Refunds as Assets - 01/25/12 10:29 AM
It's almost tax refund time. Many people ask us if tax refunds can be used to pay for a mortgage down payment or closing costs.The answer is YES! All a borrower needs to do to document the tax refund is to provide a copy of the refund check and a bank statement showing that the refund has been deposited into their account. If the refund was automatically deposited into their account, they won't have a copy of the check, but the notation on their bank statement will show that it is a tax refund. In the case of automatic deposits, the … (0 comments)

Real Estate Agents - Expand Your Sphere of Influence - 01/19/12 10:25 AM
By popular demand, one of the greatest ways to expand your sphere of influence is BACK! If you're a Denver area real estate agent and you have a question about mortgages or credit reports, send us the question. If we choose your question, we'll answer it in our next email newsletter, AND we'll deliver a $25 Starbucks card to you as a way of saying "Thank You" for helping to expand the knowledge base of our local real estate industry.We'll also include your name and contact information in our newsletter, which goes to more than 6,000 local people. We'll also post … (1 comments)

Debt-to-Income Ratio (DTI) - What Counts Against You? - 01/19/12 10:18 AM
The debt-to-income ratio (DTI) is the ratio of your debts divided by your income, and is one of the main things that determines how large a mortgage you can qualify for. But do all of your debts count against you?The answer is no, not all debts count against you when determining the size of the mortgage you can get. Here is a list of some of the things that do NOT count against you when a lender calculates your DTI:
car insurance electricity water gas sewer phone - land line phone - cell Internet  cablecollection accounts health insurance  In basic terms, … (0 comments)

No W-2? No Problem - 01/06/12 12:23 PM
We get many calls this time of year from borrowers who are worried that they can't get a mortgage because their lender told them that they need their W-2 for 2011 and they haven't received it yet from their employer.Employers have until the end of January to give W-2s to their employees and underwriters know that, so instead of a W-2, underwriters will accept the final pay stub for 2011, provided it shows the year-to-date income. The year-to-date income on the final pay stub will be the total income for the year, which is the same number that the underwriter takes … (1 comments)

 
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Chris Thomas

Denver, CO

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The Mortgage Experts at America's Mortgage

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