Gustan Cho Associates's video: High debt to income ratio solutions 2021 Covid-19

1. Solutions for a high debt to income ratio by paying off credit cards * Paying off all credit cards can have a significant positive effect on DTI. - Often, problems with high DTI are solved by paying off credit cards - Car payments, student loan payments, and mortgage payments if someone else is paying: - If borrowers have credit items in their account, such as car payments, student loan payments, mortgage payments, and other loan components, and you can prove someone else is paying for it, they can exclude those items from the DTI calculation. - For example, if borrowers have student loan payments and parents are paying for them and can deliver canceled checks from parents for 12 months, those payments can be excluded from the DTI calculation - The same goes for car payments - For example, if the borrower is a signatory to a son or daughter's car loan and the son or daughter may issue 12-month canceled checks that the son or daughter paid for the car loan, that car payment may be excluded from DTI qualification - The car fee is huge and often borrowers have an outrageous debt-to-income ratio due to car payments - The average car payment is $ 400.00, equivalent to a $ 80,000 mortgage - The reason car payments have such a big impact on the debt-to-income ratio is because the car has a maturity of only 3 to 5 years - Mortgage loans are amortized over 30 years * Home buyers who intend to buy a home in the near future and need a new car, I strongly advise you to postpone your car purchase until the new home is closed. Read more https://gustancho.com/high-debt-to-income-ratio-solutions * You want to know more, contact The Gustan Cho Team at 262-716-8151 or send a text message for a faster response. Or write to us at gcho@loancabin.com. We are available 7 days a week, in the evening, on weekends and holidays. * CHECK IF YOU QUALIFY: www.gustancho.com/fast-quote ***** Follow me ***** on Social Media 1. https://www.facebook.com/TheGustanChoTeam/ 2. https://www.facebook.com/alexcarlucciMortgage/ 3. https://www.instagram.com/gustanchoas... Be sure to subscribe for more: https://www.youtube.com/c/GustanChoAssociates ALEX CARLUCCI - SVP Mortgage Banker, NMLS # 229891 ALEX STATE LICENSES: - Alabama - Colorado - 100511536 - Florida - LO40799 - Illinois - 031.0026265 - Indiana - 38913 - Michigan - 229891 - Mississippi - Pennsylvania - 72654 - Tennessee - 200345 COMPANY ALL-STATE LICENSES: - Alabama, California, Colorado, Florida, Georgia, Illinois, Indiana, Michigan, New Jersey, Pennsylvania, Tennessee, Texas , Ohio All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Loan Cabin, Inc. and GCA does not guarantee the quality, accuracy, completeness, or timeliness of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Loan Cabin, Inc.. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action. Copyright © 2021 - Gustan Cho Associates NMLS 873293, DBA of Loan Cabin Inc. NMLS 165732 Address: 1910 S Highland Ave, Suite 300 Lombard, IL 60148