Please can you make a video on how to be pre-approved
@chrischoemortgage
8 ай бұрын
You’re most welcome!
@chrischoemortgage
8 ай бұрын
Will do! Thank you for the suggestion!
@tabotcharlesbessong3756
8 ай бұрын
@@chrischoemortgage thank you I will be waiting. I think 🤔 I will have to on my bell 🔔
@tabotcharlesbessong3756
8 ай бұрын
So that I will not miss it
@chow515
Жыл бұрын
wow being a first time home buyer and trying to buy right now this hurts my head
@chrischoemortgage
Жыл бұрын
@jay son - I agree. Buying home is a complex process but I wouldn't recommend you trying to understand everything. At the very beginning, I'd focus on 2 simple things. (1) Find a great realtor and lender to work as a team for you. (2) get pre-approved and based on your affordability from the pre-approval, start looking at homes. Everything else is consequential to these first 2 steps.
@crossroadbones666
Жыл бұрын
Hi there! Thank you so much for making this video! It’s helped me a lot. I’m planning to buy or save for a home with insurance settlement from a traumatic car accident that left me permanently injured. I do have a decent job, but not enough to pay for a home itself. I am planning to buy this with a partner who does have a way more stable employment. Majority of these funds are going to be paid with the settlement. I do plan to speak to a mortgage professional. Although I may not have stable income - do you think I still have an equal chance of getting pre-approved and successfully buying a home? I’m not sure how this specific process goes with my situation but speaking to a professional would help. Just thought to ask if you had any tips or thoughts on the differences in this situation than if I was to have steady larger income. Thank you for any input! Thanks again for making the video!!
@chrischoemortgage
Жыл бұрын
Hello, I'm glad that the video was useful. Sorry to hear about your injury and the position it left you physically. To answer your question regarding your pre-qualification, it's hard to say with the current information provided until we (mortgage professionals) look at the figures and calculate your qualifications. To help you try to figure out how you can do some portions of the calculations yourself, regardless of if you're trying to qualify with only your income or combined with your partner, one of the metrics we try to calculate is your "Debt-to-Income" ratio or DTI. The way to do this is to first calculate your total average monthly gross income (before taxes). Next, add up all your monthly debt expenses - these would include car payment, personal loans, credit cards, student loans. Does not include cell phone bill, utility bill. Next, use a mortgage calculator to calculate the monthly payment for the possible new mortgage. Then, add the monthly property tax, home insurance and HOA (if applicable). All these expenses, add them up and divide by your gross monthly income. You're trying to achieve something less than 42%. Some programs do go up to 49 or even 56% but if income is a challenge, I recommend staying under the 42% mark. Hope that helps. God bless.
@chrischoemortgage
2 жыл бұрын
Don't forget to BOOK A CALL WITH ME if you have any questions: calendly.com/chrischoe/30min
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