News Archives | MiLEND

Your Loan Officer for Life
October 13, 2023
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Claiming Your Home Journey: A Financial Blueprint for a Successful Mortgage Application

Claiming Your Home Journey: A Financial Blueprint for a Successful Mortgage Application https://milend.com/wp-content/uploads/2023/10/53dd25c39a6cf86b875620cdce5225e9.jpg 6228 4912 Your Loan Officer for Life Your Loan Officer for Life https://secure.gravatar.com/avatar/656c8fbb99262c5bf16f6338b6a6ebdb?s=96&d=mm&r=g October 13, 2023 August 13, 2024

A new study from the Consumer Financial Protection Bureau found more loan applications were denied due to “insufficient income” in 2022 than in previous years. These denials keep renters locked out of the most valuable financial investment available to American families and keep homeowners from unlocking their hard-earned home equity. The cause behind tightening lending guidelines lies in slow wage growth, record-breaking home values, and higher monthly payments.

I want to empower you to realize your home ownership and home finance goals by revealing the blueprint to a successful mortgage application

Understanding the Mortgage Landscape

In today’s real estate world, financing requires navigating a complex and challenging mortgage landscape. Low home inventory, rising property prices, and interest rates make it harder to get approved for financing because those larger loan amounts and higher monthly payments take a bigger bite out of your paycheck. This scenario makes home financing difficult for borrowers based on their income, especially those eyeing homeownership or seeking to tap into their home equity.

One of the things that I love about the team at Milend is that they get more borrowers approved than your typical mortgage company. Everyone I work with understands that every financing story is unique, and we have special programs designed to get more borrowers qualified based on their income.

Optimizing Debt-to-Income Ratio (DTI)

Debt-to-Income (DTI) ratio is calculated by comparing total monthly debt payments to their gross monthly income. Lenders use DTI to gauge the risk associated with lending to a particular individual. When applying for a new loan the Debt-to Income ratio will include the payments of the proposed new home loan added to your current debt. It’s one of the key ingredients to whether your loan application gets approved or denied.

If you have big auto loans or credit card balances, that raises your debt load. If this sounds like you, don’t worry. Our mortgage consultants work with homeowners in this situation all the time and can craft a tailored plan to help you get financed and reduce your total debt load.

Leveraging Credit Scores for Success

Your credit history is like a financial report card, reflecting your creditworthiness to potential lenders. A higher credit score generally signifies responsible financial behavior, making lenders more likely to approve your loan application at more favorable terms.

Our team works with borrowers who have a wide range of credit scores and all of our experts take the time to find the possible financing terms for you, even if you have less-than-stellar marks on your credit history.

Assessing your Financial Readiness

Income, Debt-to-Income ratio, and Credit History are the core factors that influence whether your loan application can be approved or not. These guidelines have gotten tougher due to market and economic factors, but you don’t have to do all the heavy lifting to assess your financial readiness on your own.

Milend has a proven track record of helping more borrowers get approved for home financing. Contact one of our loan experts to get an assessment of your financial readiness for a mortgage to purchase a new home or refinance. They’ll look for programs to overcome hurdles in your income, DTI, and credit factors. If it’s not the right time, they’ll help you plan for improving your financial picture to get you approval-ready in no time!

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Your Loan Officer for Life
July 21, 2023
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Navigating Economic Rough Waters: Pawn Shop Searches Show American Families are Cash-Strapped

Navigating Economic Rough Waters: Pawn Shop Searches Show American Families are Cash-Strapped https://milend.com/wp-content/uploads/2023/07/0723-Week-3-Navigating-Economic-Rough-Waters-1.png 1920 1200 Your Loan Officer for Life Your Loan Officer for Life https://secure.gravatar.com/avatar/656c8fbb99262c5bf16f6338b6a6ebdb?s=96&d=mm&r=g July 21, 2023 August 13, 2024

These days, we find ourselves sailing through some pretty rough economic waters. Evidence of this hardship is staring right at us in the form of a surge in Google searches for “Pawn Shop near me.” A little alarming, right? It shows that many of our neighbors are feeling the squeeze and are resorting to drastic measures to cover expenses and access cash. But hang on! As your friend in the mortgage industry, I’m here to shine a light on your financial options.

Pawn Shops and Overloaded Donation Centers: What’s Going On?

Here’s the tea. Pawn shops have been seeing a lot more foot traffic recently, and honestly, it’s a little heartbreaking. Families are bringing in cherished items, hoping to get a quick buck to cover expenses. And then we have donation centers in our own neighborhoods that are so full they’re turning away donations. Folks, these signs are hard to ignore. They tell us just how much the economic pinch is hurting our communities.

Selling Your Belongings? There Has to Be a Better Way!

We’ve all been there – hosting a yard sale or listing items on Facebook Marketplace to pull together some extra cash. But when times are tough, selling your stuff can feel like putting a Band-Aid on a bullet wound. And pawn shops? They might offer quick cash, but at what cost? You’ll often get a fraction of your items’ real value, and interest rates can skyrocket to over 150% annually! That’s a short-term fix with some pretty harsh long-term consequences.

Personal Loans and Cash-Out Refinances: Now, Here’s a Bright Idea!

Enough with the doom and gloom! There are better alternatives out there that can help you navigate these choppy economic waters. Enter personal loans and cash-out refinances. Let’s take a look:

Personal Loans – When you go through a reputable lender, personal loans come with much lower interest rates than pawn shops or credit cards. They offer a quick, sizable chunk of cash that can give you a bit of breathing room.

Cash-Out Refinances – Now, for my homeowners out there, this could be a game-changer. With a cash-out refinance, you can tap into your home’s equity for cash. Yes, there are fees and closing costs, but you’re looking at lower interest rates and more extended repayment terms.

Harness the Power of Financial Literacy

I can’t stress this enough: knowledge is power! Understanding your options is your best defense in tough economic times. And don’t worry, you’re not in this alone. My team and I are committed to giving you the tools you need to make informed decisions about your finances. Whether you’re considering a personal loan, thinking about a cash-out refinance, or just need a friendly ear, we’re here for you!

You’ve Got the Power to Chart a Better Course!

It’s time to roll up your sleeves and take control of your financial future. Remember, there are smarter money moves you can make than resorting to pawn shops. Give us a shout at Milend, and let’s make sure your mortgage is working for your financial picture, not against it.

No matter how choppy the economic waters, remember, you’re not alone. Whether you’re feeling the pinch now or just worried about the future, proactivity, and financial literacy are your lifejackets.