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I gave you the Cs to sell a home....now here are the 4Cs of Mortgage Underwriting
In a recent post, I wrote about Preparing a house for sale: Do the C's to get more C (Cash) Then today , one of my favorite bloggers, Steve Harney, blogged about the 4C's of Mortgage Underwriting. Who knew getting Cs could be such a good thing. Here are Steve's C's: CAPACITY is the analysis of comparing a borrower’s income to their proposed debt. It considers the borrower’s ability to repay the mortgage. CREDIT is the statistical prediction of a borrower’s future payment likelihood. CASH is a review of your asset picture after you close. There are really two components – cash in the deal and cash in reserves. COLLATERAL refers to the appraisal of your home. It considers many factors – sales of comparable homes, location of the home, size of the home, condition of the home, cost to rebuild the home, and even rental income options. Take a look. Pretty soon, someone may come up with more Cs' for other things. What to look for in a property inspection, perhaps? ... more
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