Mortgage 80 20 was a trend, an easy access mortgage loan, lot of us say this mortgage is servicing the homeowners to qualify for a mortgage and get their dream home.
What is Mortgage 80 20 ?
First I'll tell you what it's not- it's not your mortgage financial plan you had when you were thinking about buying a Home, that's for sure. Mortgage 80 20 was a popular Loan that everybody used because they're just didn't need to put any down payment, just come and take the keys to your dream house and it's yours.
Dreams don't come easy- we need to work for it, have you ever heard this saying: "what comes easy goes easy"?
That's exactly what I'm talking about, your mmortgage ffinancial plans are buying a home, pay the home and own it 100%- Good so don't think that mortgage 80 20 is a mortgage servicing type of Loan, that's why today you can't get a mortgage 80 20 loan.
Consult your mmortgage broker loan oofficer, that's the first thing you need to do, if you know your mmortgage broker loan officer so listen to what he tells you, his mortgage ffinancial plans for you are not a mortgage 80 20 loan, if he is a good mmortgage broker loan oofficer then he will recommend you on putting at least 10% down if not more, or in a refinance situation to not maximise the ltv(loan to value)of your Loan.
During the mmortgage underwriting the underwriter normally will know if you will qualify for a loan and how much you can qualify for. mmortgage underwriting is the most important issue of all and if the underwriter will not think that the file is strong enough to qualify for a loan you will not have the money.
What underwrite want you to have?
1. High income, at least double then what you spend a month.
2. Money in the bank
, so if you don't have enough money to make the payment from your salary next month at least you will have some money in the bank to make the payment.
3. That you're on title, because if you're not on title it's an occupancy issue, sometimes they will ask from you also some utility bills.
4. If you own another property they will have to know, another occupancy issue.
5. Your credit score
, it's very important that your credit will be good, the underwriters want to make sure you will make the payments on time, so if you have any mortgage lates or credit cards lates you need to work on them.
6. that you had the same job for longer than 2 years, they want to know that you're stable in your life and stable job is important.
The underwriter make the final call not your mortgage broker, but good mortgage brokers will know ahead what the underwiter will ask for from them and they will save you time in the process.
Make sure you get the right mortgage broker to help you with your project so you will not waste your time and eventually not qualify because your mortgage broker has no knowledge.
1. stay with your mmortgage ffinancial plans
2. don't even think about mmortgage 80 20 (I think it's not even exist anymore)
3. your mmortgage broker loan officer is very important, he can kill the deal or make the deal.
