Posted on: 14th Nov, 2005 03:46 pm
Hi,
My bills are a little bit more than half of my income though I pay on time regularly. Am I good risk or a bad risk to the equity lenders?
Dale
My bills are a little bit more than half of my income though I pay on time regularly. Am I good risk or a bad risk to the equity lenders?
Dale
Hi,
If you had some problems in the past but regular at present then I think the lenders may look at you favorably.
Although the tough time period may be unfavorable but if you are going smooth today then that is not going to influence much. Suppose you lost your job and could not find another in the next 6 months, then that during that period may be times were tough.
It all depends on time as now if you get one job and continue with it for next 5-6 months then you should again apply for a mortgage which you might not get just when you returned to job as your creditor showed that you had been late with your payments.
The lenders generally ask the applicant for the previous late payments and if he gets satisfactory explanation that you could not do so as you lost your job and now that you are back for the past 6 months you don't have any problems with your payments.
This explanation may satisfy the lender who looks for how long it's been since you had problems.
So, in my opinion you will not be considered as a risk to lend.
Hope you got your answer.
God bless you.
For MortgageFit,
Samantha
If you had some problems in the past but regular at present then I think the lenders may look at you favorably.
Although the tough time period may be unfavorable but if you are going smooth today then that is not going to influence much. Suppose you lost your job and could not find another in the next 6 months, then that during that period may be times were tough.
It all depends on time as now if you get one job and continue with it for next 5-6 months then you should again apply for a mortgage which you might not get just when you returned to job as your creditor showed that you had been late with your payments.
The lenders generally ask the applicant for the previous late payments and if he gets satisfactory explanation that you could not do so as you lost your job and now that you are back for the past 6 months you don't have any problems with your payments.
This explanation may satisfy the lender who looks for how long it's been since you had problems.
So, in my opinion you will not be considered as a risk to lend.
Hope you got your answer.
God bless you.
For MortgageFit,
Samantha
Dale, larger part of your income goes into paying your debts which a concerning factor for any prospective lender. But you have been regular with the payments which will be a positive favorable factor for you. Apart from your dti (debt to income ratio) there are other things which a lender will look into, like your credit score. If your credit score is pretty good then that will also help you to qualify for a loan.
