how to manage your debt ratio to obtain bank statement loans
TRANSCRIPT
DEBT RATIO
TO OBTA IN BANKSTATEMENT LOANS
HOW TO MANAGE YOUR
BANKSTATEMENT.LOAN LENDER HOTLINE: 888-581-5008
DEBTRATIO
The dreaded debt ratio holds many borrowers back from
obtaining a mortgage, especially those that are self-
employed. Because your income is not as
straightforward as someone with a consistent salary
and W-2 to prove it, you have to be more creative with
your monthly debts in order to get your debt ratio down.
BANKSTATEMENT.LOAN LENDER HOTLINE: 888-581-5008
REFINANCEYOUR DEBT
Student Loans – Rather than paying several loans
per month, try to refinance them into one loan with
one low payment. This might extend the length of
time it takes to get the loans paid off, but with the
lower payment, you have more income available for
a mortgage payment.
BANKSTATEMENT.LOAN LENDER HOTLINE: 888-581-5008
Credit Cards – Minimum credit card payments can add
up when you have many of them going on at once. If
you are able to apply for one card or even one personal
loan that can pay off all outstanding credit cards,
leaving you with one payment, you will likely free up
some of your money for your mortgage payment.
BANKSTATEMENT.LOAN LENDER HOTLINE: 888-581-5008
PAY DEBTSOFF
The quicker you pay the debts off, the higher your credit
score will rise and the lower your debt ratio will become.
The more bank statements you are able to provide the
lender with for a bank statement loan, the better your
rate will be.
BANKSTATEMENT.LOAN LENDER HOTLINE: 888-581-5008
Along with the ability tohave fewer debts, being ableto show at least 24 monthsof bank statements will helpyou be able to have a higherqualifying income. When youjust start your business,income can fluctuate quite abit during that first year.
Wait Until you are inBusiness for a While
BANKSTATEMENT.LOAN LENDER HOTLINE: 888-581-5008
B A N K S T A T E M E N T . L O A NL E N D E R H O T L I N E : 8 8 8 - 5 8 1 - 5 0 0 8
C L I C K H E R E
T O L E A R N M O R E
BS
BANKSTATEMENT.LOAN LENDER HOTLINE: 888-581-5008
Just in McHood is Americas MortgageCommentator and has been providingMortgage commentary for over 10 years .
INFORMATION PROVIDED BY:Justin McHood
Mortgage Commentator
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