dti: Understanding Debt and Mortgages - 07/20/16 05:15 AM
According to Nerdwallet.com, in 2015 the average American household owed over $15,000 in credit card debt, over $25,000 in auto loan debt and over $45,000 in student loan debt. That’s just 3 items! At the bottom of this blog, I’ll give some ideas of how to pay off your debt and how to make some extra money to pay off debt! Here is some information regarding debt and mortgages.
        For every $50 spent on monthly debt = about $10,000 of purchase money. Think about that the next time you decide to buy a car first         Credit card interest is … (0 comments)

dti: Does New Law on Student Loans hurt Millennials? - 07/12/16 03:18 AM
On September 14th, 2015 the Federal Housing Authority (FHA) changed its rules on the calculation of student loan debt as it refers to the Debt-To-Income (DTI) calculation when qualifying a buyer for a mortgage (see table below). It used to be that if a student loan was in deferment for more than 1 year, the student loan payment would not be counted against the income of the buyer. This would allow the buyer to borrower more money since for every $50 spent on a student loan payment equals about $10,000 of purchase power.
Is this a good thing? 
The argument: When a student … (3 comments)

dti: Sub-Prime Making a Comeback...Sort Of - 05/11/16 03:20 AM
What is Sub-prime loan? Sub-prime loans were programs available between 1992 and 2007 that allowed buyers and homeowners the ability to qualify for a loan when faced with credit, income or asset issues. People who worked in the industry during those times will remember the acronyms NINA (No Income/No Assets), SISA (Stated Income/Stated Assets), NISA (No Income/Stated Assets) or the term No Doc loans (No Income, No Assets, No Employment, No money down). The catch phrase was, “If you can fog up a mirror, you can get a loan”.
What happened to Sub-prime loans? There are a lot of conspiracy theories as … (0 comments)

Bill Polack, Bilingual Spanish Loan Officer in Southeast US. (First Option Mortgage)

Bill Polack

Bilingual Spanish Loan Officer in Southeast US.

Suwanee, GA

More about me…

First Option Mortgage

Mobile: (404) 644 - 3295

Office: (404) 644 - 3295



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